The city is hereby authorized to enter into a written reimbursement agreement pursuant to this article with a developer for the development of property, provided the property contains 100 acres or more of developable property (exclusive of wetlands, mandatory buffers, unbuildable slopes, and other portions of the property which may be precluded from development at the time of application). Reimbursement agreements shall be of a term specified in the agreement, provided they may not be for a term exceeding 20 years. Nothing contained herein shall obligate the city to enter into such agreements and such agreements shall be entered into only at the request of the developer. A simple majority vote of the Board of Commissioners, after a public hearing, shall be required for approval.
(Ord. 07-06-02, passed 6-12-07)