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A. The town shall have the authority to allocate and recover the costs of construction of public improvements to property owners based on the benefit of such improvement to said owners. Said recovery costs shall be paid to the town by the benefitted property owner and forwarded to the party constructing the improvement. Subject to the provisions of section 9-2-5(A)(5), below, where the construction of the improvement has been financed in whole or in part by a property owner or owners, and the financed amounts exceed the amount of benefits the owner or owners will realize from the improvement so financed, the town shall assume or recover the amount of such excess costs and reimburse the financing owner or owners to the extent the amount financed exceeds the benefits received.
B. As part of a preliminary plat application for any land within the town, the town may determine the public improvements that are reasonably necessitated by and that are of reasonable benefit to the land being developed. The town shall have the authority to establish and administer a program to recover from benefitted property owners the costs incurred by the town or other party in providing those public improvements, which may include:
1. The cost of right-of-way acquisition and construction of streets, including traffic signals, street lights, and traffic signs.
2. Costs incurred for the acquisition, construction and servicing of drainageways.
3. The cost of locating or relocating above-ground or underground utilities.
4. Costs incurred for the acquisition, development, and furnishing of neighborhood and community parks, public open spaces, trails, and other recreational facilities in excess of normal development requirements.
5. Costs incurred for the acquisition, development, construction, and furnishing of such other town facilities or services that the town determines are reasonably necessary to serve, and of reasonable benefit to, new development.
C. The town council shall provide by ordinance for the recovery of appropriate costs for public improvements constructed or to be constructed by the town. Said ordinance shall establish the nature and extent of the recoveries due to the town. Such ordinances may include provisions for simple interest payable to the town.
D. In the case of improvements financed by the town with the proceeds of special assessment bonds, the town may forward any costs recovered under this chapter to the owners or developers previously assessed for the costs of the improvements. In the case of a property owner or developer who has elected to pay an assessment in installments and who is also owed costs recovered, this may be accomplished by an adjustment to the periodic payment owing, or in any other manner that the town council deems just.
E. The town may require a developer to provide and install public improvements sufficient to serve surrounding lands that the town determines are necessary for sound service planning and future property development. The town shall collect from the owners of those properties benefitted by such improvements such amounts that the town by ordinance determines to be reasonable and in proportion to the benefits to such properties. From such collection, the town shall reimburse the party who installed the public improvement. (Ord. 550, Series of 2021)