(A) A property owner, hereinafter sometimes referred to as "licensee", with the approval of the village, shall be entitled to construct water mains and sanitary sewer extensions benefiting not only the property owner making application but other property owners benefited by said construction, and said property owner shall be entitled to recapture that portion expended for the benefit of other property owners provided an agreement is executed between the village and the property owner which includes provisions covering the following items:
(1) Date of commencement and date of completion.
(2) Legal descriptions of the properties benefited specifying which have and have not contributed to the costs.
(3) Exact locations of mains and/or extensions.
(4) The exact amount to be reimbursed under recapture. This amount is to be the exact, documented, direct expense of said construction less the prorated amount of benefit to the licensees based on actual front footages of all properties benefited as recorded.
(5) Construction shall be in accordance with plans and specifications approved by the Village Engineer and subject to his or her inspection.
(6) The completed construction shall be deeded to the village upon completion of the work.
(7) Licensee shall be responsible for all repairs and maintenance for one year following the completion of the extension and bear the costs of the same during said period.
(8) Licensee shall file with the Village Clerk suitable evidence that the village is protected by surety bond or by suitable liability insurance against all claims for personal injuries and property damage.
(9) Provisions for disposition of amounts recaptured.
(B) All funds collected by the village for the benefited properties shall be promptly paid to the licensees up to the amount to be reimbursed. Additional funds collected shall accrue to the Sewer and Water (or General) Fund.
(C) Subject to the limitations set forth in division (B) above and the requirements of division (D) below, all funds collected by the village for the benefitted properties during the period following the commencement of the physical installation of the sewer and/or water lines but prior to the passage of the final recapture ordinance shall be paid over to the developer promptly upon passage of the recapture section.
(D) It shall be the burden of the developer to present a draft recapture agreement in substantial conformity with the Model Recapture Agreement set forth in the appendix to Chapter 52 to the Village Board for approval. The developer must present such a draft agreement and all necessary supporting documents not sooner than the time at which the public improvements are accepted by the village, and not later than one year thereafter. Should the developer fail to present such a draft recapture agreement within that time period, the developer shall forfeit his or her right to payment for any funds that would otherwise come due to him or her under division (C) above.
('79 Code, § 1106) (Ord. 1983-O-5, passed 4-19-83; Am. Ord. 1984-O-27, passed 10-16-84; Am. Ord. 2002-O-49, passed 12-3-02)
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