(A) There is hereby created a non-reverting fund to be called the Large Development Special Non-reverting Fund (LDSNF).
(B) The LDSNF shall be funded through revenues generated when developers submit plan(s) to the Monrovia Planning Commission for preliminary approval that includes at least 6 homes/apartments/dwelling units/businesses or anticipate that such number of structures will be built (hereinafter referred to as a “large project”).
(C) The town may require that the developer of such large project pay into the fund the total amount of anticipated inspection fees based on the plans submitted prior to any building permit being issued.
(D) All monies deposited into the LDSNF shall be used to pay inspection and inspection- related costs.
(E) If, during the construction phase of such project, the amount of money deposited into the fund is insufficient to cover the costs of the inspections, the town agrees to provide 7 days notice to the developer of the need for additional funds. The developer shall have 7 days to deposit such money into the LDSNF, or a stop-work order may issue.
(F) If, at the conclusion of such construction, the developer has deposited an excess of money into the LDSNF, the town agrees to remit to the developer such money within 30 days of providing an occupancy certificate.
(G) At any time, the developer may request and the town agrees to provide an accounting showing expenditures from the fund relating to the developer’s large project.
(H) Upon termination of the LDSNF, any money remaining in the fund that has not been returned to any specific developer(s) shall revert to the General Fund.
(Ord. 3-2006, passed 12-11-2006)