(A) Section 50.03(B) and (C) describe conditions under which a developer shall be entitled to reimbursement for certain portions of his contribution to construction of extensions of city utility systems. Those divisions also stipulate that the money for said reimbursement shall be obtained by the city from construction and/or connection charges to be paid by future developers. It shall be the policy of the city that a developer is entitled to receive at least 50% of the agreed reimbursement by no later than five years after the agreement, and the full amount of the agreed reimbursement by no later than ten years. During the first five years, the city will make payments to the developer only when charges from future developers are received by the city in accordance with the formulas established in the developer’s agreement. At the end of the first five years, if the total payments made to the developer up to then are less than 50% of the total agreed reimbursement, the city shall use other available city funds to make a payment to the developer in an amount to bring the total to 50%. In the second five years, payments from received construction and/or connection charges again will be made as received, until the total payments to the developer, including adjustments by the city, reach 100% of the agreed reimbursement. Any construction and/or connection charges received by the city subsequent to payment of 100% of the agreed reimbursement shall be retained by the city.
(B) Total to-date payments also will be reviewed annually at the end of the sixth through tenth years. If totals are less than 60% through 100%, respectively, the city again will use other funds to make a payment in an amount needed to bring the total up to the applicable percentage of the agreed reimbursement.
(Ord. 641, passed 12-15-82; Am. Ord. 1978, passed 11-17-21)