(A) The owner of a parcel of property otherwise required to pay a facilities fee under this chapter will be entitled to enter into a reimbursement agreement to reimburse from subsequently collected development fees the direct and verifiable costs of installing or furnishing public improvements, or portions thereof, identified in the appropriate Master Facility Plan where all of the following conditions are satisfied:
(1) The owner has constructed a public improvement, or portion thereof, that is identified in the appropriate Master Facility Plan.
(2) The City required that the public improvement be constructed to contain supplemental size, capacity, number or length for the benefit of property not within the owner's project.
(3) The City approved, prior to construction or furnishing, the proposed budget for the project and finds any change to that budget fair and reasonable.
(4) The public improvement, or portion thereof, has been dedicated to the public.
(5) The public improvement, or portion thereof, has been built in compliance with all applicable laws governing the construction of public works.
(B) The City shall not reimburse the owner for costs related to financing any public facility.
(C) An owner shall only be entitled to reimbursement to the extent that any public facility project benefits property not within the owner's project. Thus, an owner may receive a development fee credit as provided in Chapter 3.27.140 for the portion of a public facility that serves the owner's project and reimbursement for the oversized or extra-capacity or extended portion of a public facility that benefits subsequently developed property.
(D) In no event shall an owner receive a development fee credit and/or reimbursement in excess of the City's most recent estimated cost of constructing the facility, or the portion of the facility actually completed, by contract or by utilizing city forces.
(E) Any reimbursement agreement entered into under this section shall require the City, for a period of up to 15 years, to reimburse the owner from the proceeds of the facilities fees collected from new projects that directly benefit from the facilities financed by the facilities fee or fees and which are the subject of the reimbursement agreement. Reimbursement shall only be made from fees collected to fund improvements which are of the same type as the improvement constructed by the owner, and from no other source. The terms of the reimbursement shall be set forth in the reimbursement agreement.