A. Agreement With Developer: Whenever the developer of a parcel shall be required to install sewers or other utilities which are oversized or extended for the benefit of properties not owned by the developer, the village board may enter into a recapture agreement to reasonably reimburse the developer for his expenditures in excess of those required for his own benefit.
B. Terms Of Agreement: Each recapture agreement entered into under the provisions of this chapter shall be negotiated by the village board without consideration for the existence or terms of any other such recapture agreements, and shall contain the following provisions:
1. No recapture agreement shall extend for a term beyond ten (10) years from its date.
2. The amount to be recaptured from each parcel shall either be set forth specifically, or shall be determined by a precise formula which can be used to calculate the specific sum to be recaptured.
3. Each parcel required to pay a recapture fee shall be specifically identified.
4. The recapture agreement shall contain a finding that the amount to be recaptured does not exceed the benefits accruing to the property required to pay the recapture funds; and that the total amount recaptured is not greater than the cost of providing the estimated benefits to property not owned by the developer. (Ord. 85-05, 9-25-1985)