(a) The Council of the Village of Loudonville shall not, upon the request of any developer or other individual constructing any new building or development, participate financially in the extension, enlargement, maintenance or repair of any water service line within the Village of Loudonville, except for those lines already accepted by or operated by the Village of Loudonville as public lines, unless the following criteria can be met. The Village of Loudonville will be projected to receive, over a period of ten years or less, such revenues from any combination of the following sources as will fully reimburse and compensate the Village for that part of the cost of any such extension, enlargement, maintenance or repair which the Village of Loudonville assumes or agrees to pay:
(1) Water user fees to be collected over a ten-year period as a result of the use of the line at issue;
(2) Real estate tax revenues to be received by the Village over a period of ten years, as a result of any new improvements made to the real property serviced by the line in question, which improvements are constructed or erected after or in conjunction with the extension, enlargement, maintenance or repair of the line in question;
(3) Personal property tax revenues to be received by the Village over a period of ten years, as a result of any new improvements made to the real property serviced by the line in question, which improvements are constructed or erected after or in conjunction with the extension, enlargement, maintenance or repair of the line in question.
(b) Any request for participation in the funding of any extension, enlargement, maintenance or repair of any water service line received by Council, shall be made in writing, to the Board of Public Affairs, with a copy of the same forwarded to the Council of the Village Loudonville for its review and consideration as to possible participation in the requested funding. An additional copy shall further be forwarded to the Planning Commission of the Village of Loudonville for additional review and recommendation.
(c) The Council of the Village of Loudonville may waive compliance with the criteria set forth in subsection (a) hereof and participate financially in the extension, maintenance and repair of any water line, but only with the agreement and consent of the Board of Public Affairs, and only upon a finding by the Council of the Village of Loudonville that the proposed participation by Council is needed for the continued health and safety of the residents of the Village of Loudonville, or upon a finding by the Council that the proposed participation will benefit or improve the existing water system currently serving the residents of the Village of Loudonville. (Ord. 17-91. Passed 3-4-91.)