If the Planning Commission determines that a needed improvement cannot be built until future development occurs, the subdivider shall pay to the city an amount determined by the Planning Commission in accordance with the standards prescribed in § 152.160 above to be the developer’s proportionate share of the cost of the improvements as of the date of final plat approval. The city shall deposit the money into an interest bearing escrow account until such time as the improvement is constructed. If the improvement is not constructed within five years from the date of the first payment into the escrow account by a subdivider, the Planning Commission shall hold a public hearing, after notification to all affected property owners, to determine the disposition of all money in the escrow account. Following the public hearing, the Planning Commission may:
(A) Determine that the improvement is still necessary and feasible and can be built within a reasonable time, in which case the escrow account shall be continued for a period specified by the Planning Commission; or
(B) Determine that the improvement is not necessary, or will not be feasible, or that insufficient development has occurred to render the improvement likely in the foreseeable future, in which case the Planning Commission shall either:
(1) Refund the money in the escrow account, with accumulated interest, to the subdividers who made the contributions; or
(2) Distribute the money in the escrow account on a pro rata basis to the property owners who purchased lots in the subdivision(s) and the subdivider(s); or
(3) With the written consent of a majority of the property owners who have purchased lots in the subdivision(s) and the subdivider(s), direct that money in the escrow account be utilized for a different purpose which will specifically benefit the neighborhood.
(Ord. 2013-04-417, passed 4-2-13; Am. Ord. 2013-09-440, § 152.1100.03, passed 9-3-13; Am. Ord. 2014-12-488, passed 12-2-14)