(A) The Town, in its sole discretion, may enter into an agreement under G.S. 160A-499 to reimburse a developer(s) for the cost of infrastructure, provided the infrastructure project is included in the Town's Capital Improvement Plan and is more extensive than otherwise would be required by ordinance or by the Town's policy.
(B) The cost of installing the proposed infrastructure improvements shall be borne initially by the participating developer or developers.
(C) The reimbursement agreement shall contain a maximum ("not to exceed") reimbursement amount, and reimbursement shall not occur until the subject infrastructure has been approved by the Town and the developer's offer of dedication accepted by the Town. The developer or developers shall be reimbursed for actual costs up to the maximum, and be responsible for costs in excess of the agreed upon maximum reimbursement. Such costs may be reimbursed in a lump sum or over a period of years, as set forth in the reimbursement agreement.
(D) Operation and maintenance of dedicated infrastructure shall become the responsibility of the Town, unless the agreement outlines alternative parameters of ongoing responsibility as otherwise permitted or required by Town ordinance, such as a Property Owners' Association (POA), for instance.
(Ord. 1951, passed 11-9-2021)