(A) A property owner, hereinafter sometimes referred to as "the licensee," with the approval of the village shall be entitled to construct streets and storm sewer extensions benefiting not only the property owner making application but other property owners benefited by said construction.
(B) Said property owner shall be entitled to recapture that portion expended for the benefit of other property owners provided in the model agreement, as shown in Appendix § 2 following this chapter, 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 location 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 licensee based on actual front footages of all properties benefited as recorded.
(6) The completed construction shall be deeded to the village upon completion of the work.
(7) The 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) The 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) Provision for disposition of amounts received.
(10) All funds collected by the village for the benefited properties shall be promptly paid to the licensee up to the amount to be reimbursed. Additional funds collected shall accrue to the Sewer and Water Fund or the General Fund.
(C) Subject to the limitations set forth in division (B)(10) above and the requirements of division (D) below, all funds collected by the village for the benefited properties during the period following the commencement of the physical installation of the street but prior to the passage of the final recapture agreement shall be paid over to the licensee promptly upon passage of the recapture agreement.
(D) It shall be the burden of the licensee to present a draft recapture agreement in substantial conformity with the Model Recapture Agreement set forth in Appendix 2 to this chapter to the Village Board for approval. The licensee 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 licensee fail to present such a draft recapture agreement within that time period, the licensee shall forfeit his or her right to payment for any funds that would otherwise come due to him or her under division (C) of this section.
('79 Code, § 910) (Ord. 1983-O-6, passed 4-19-83; Am. Ord. 1984-O-28, passed 10-16-84; Am. Ord. 2002-O-49, passed 12-3-02)
Cross-reference:
Cost recapture (water/sewer), see § 50.086