(A)   The Planning and Zoning Commission may recommend and the City Council may approve an agreement for developer reimbursement for the installation of oversized infrastructure. Such agreements must be approved and executed prior to final plat approval.
   (B)   Reimbursable costs are limited to the difference between the materials and installation costs of the oversized infrastructure and the estimated costs of infrastructure of a size necessary to serve the proposed development only. Provided that necessary public easements have first been dedicated and accepted, the City may elect to perform the work using its own forces.
   (C)   Where the work is to be performed by the developer, the agreement must provide for the establishment of an escrow account into which both the city and developer shall deposit their respective estimated costs. Payments shall be disbursed from the escrow account only upon the mutual approval of both city and developer. Contracts paid from the escrow account must provide for a minimum 10% retainage or require that payment be withheld until completion and acceptance of the required work. Where the city contribution is estimated to exceed the amount for which competitive bidding would be required, the agreement must require that the contract be competitively bid and awarded in conformity with the provisions of state law applicable to public works contracts, including provision for performance and payment bonds in favor of the city.
(Ord. 09-0721, passed 7-21-2009)