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(A) There is hereby created a special fund known as the Noble West Hazel Dell Account.
(B) The Clerk-Treasurer shall cause to be deposited in the fund, all road impact fees collected from builders receiving improvement location permits within the property.
(C) Upon substantial completion of the project, the Clerk-Treasurer shall pay an initial payment to Noble West or its designee of all amounts in the fund.
(D) After the initial payment, the Clerk-Treasurer shall pay the amounts in the fund to Noble West or their designee quarterly until the full amount due and owing to Noble West under the agreement is paid.
(E) Upon reimbursement to Noble West or their designee of all amounts due and owing under the agreement, any remaining amounts in the fund shall be transferred into the appropriate road impact fee area sub-account to be used for the purposes set out in the road impact fee ordinances of the city and the fund shall be terminated.
(Ord. 70-10-03, passed 10-14-03)