(A) Whenever an annexation agreement, development agreement or subdivision approval requires the installation of one or more improvements, and where, in the opinion of the village such improvements may be used by and uniquely benefit property not in the subdivision or property not covered by the annexation or development agreement, the village may agree to reimburse and may reimburse the other party or parties to the agreement or subdivision approval for a portion of the cost of such improvements from fees charged to owners of benefitted property when and if collected from such owners.
(B) Any annexation agreement, development agreement or subdivision approval, which requires, approves or agrees to the payment of the cost of one or more improvements by assessments charged to owners of benefitted property shall:
(1) Describe the benefitted property; and
(2) Include an estimate of the total cost of each improvement; and
(3) Specify the amount of proportion of the cost of such improvements which is to be incurred for each benefitted property; and
(4) Provide that the village shall collect such fees charged to owners of benefitted properties; and
(5) Provide for the payment to the owner or developer of the property subject to annexation agreement or subdivision approval a reasonable amount of interest on the amount expended by the owner or developer in completing such improvements.
(C) Notice. Prior to approval of an annexation agreement, development agreement or subdivision approval requiring owners of benefitted property to pay a fee for improvements built pursuant to said agreement or subdivision approval, the village shall provide the owners of the proposed benefitted property with at least 28 days notice of the hearing on said agreement before the Board of Trustees. This hearing may be continued from time to time without further notice to such owners by the Board of Trustees at its sole discretion, upon request of any property owner subject to the assessment or at the Board of Trustees direction, to a date certain.
(D) Payment of assessment required. Until such time as the owner of benefitted property has paid to the village the amount assessed to the owner’s benefitted property as required by adopted ordinance and said agreement or subdivision approval plus any interest accrued thereon, or such owner has entered into a satisfactory agreement for the payment of such assessment and any applicable interest to the village, the village shall not approve any final plat of all or part of the owner’s benefitted property and shall not approve any subsequent connection of improvements on the benefitted property to the improvements which are subject to the assessment.
(Ord. 15-12-01, passed 12-15-2015)