(A) The repayment agreement shall designate the parcels and property that is required to pay the repayment amounts and shall include a diagram or map of the properties and respective amounts from which repayment amounts may be collected. If the repayment bonds of the town or community facilities district, as applicable, have been issued to finance the construction of the public improvements and related facilities, the town shall receive all repayment amounts and apply such amounts to the debt service funds of the applicable bond issue.
(B) The repayment agreement shall set forth the total of the repayment amount to be paid to the town or community facilities district, which the town or community facilities district may agree, in the repayment agreement, to repay such amount to the owner or developer who paid the costs of construction. The total of such repayment amounts shall not exceed that portion of the agreed construction costs of the public improvement allotted to the benefitting parcels or property. The repayment agreement shall terminate no later than ten years after it is fully executed and approved or when the total amount provided for by this chapter is repaid, whichever is earlier.
(C) The approved actual construction costs as described in § 50.32 will be used for calculation of all repayment amounts. The repayment amounts shall not bear interest.
(D) Upon payment of the applicable repayment amount to the town or community facilities district, the owner or developer of the benefitted parcels or property shall have the right to connect into the public improvement in order to serve such property.
(E) The field engineering, plans and specifications required for a public improvement shall be prepared by the owner or developer and approved by the town prior to construction. The engineering costs for preparation of plans and staking of the public improvements on the property which are incurred by the owner or developer may be included as determined by the town in the agreed construction costs under § 50.32. The town will perform the inspections during construction.
(F) The town shall have sole and exclusive control of connections to the public improvement. Connections to the public improvement may only be made upon issuance of a written permit from the town. It shall be unlawful to make a connection to a public improvement without a permit. Such connections may be removed by the town and the costs of removal assessed to the party making the connection.
(G) Prior to the issuance of a final plat approval, grading permit, building permit, or an encroachment permit to access town right-of-way for the purpose of connecting to the public improvement, all repayment amounts due by the owner or developer of the benefitted parcel or property shall be paid to the town.
(H) An annual charge will be assessed by the town for the administration of each repayment agreement. The annual charge shall be calculated based on actual cost incurred by the town for the administration of the agreement, however the annual charge shall not be less than $500 per year.
(I) Any owner or developer may assign the benefits arising out of any reimbursement agreement with the town. Such assignments shall not relieve the owner from their duties and obligations under the agreement. The assignment shall require written approval of the town.
(Ord. 05-12, passed 7-12-2005)