Improvement Agreement

If, within 10 years of the City`s acceptance of the road, the City collects a perimeter street fee in accordance with Section 3, Section 2 of these Subdivision Regulations, it shall pay the amount collected to the developer who originally built the road as soon as possible after receipt of the funds, in accordance with the terms of an improvement agreement approved in this Section 2.09. In accordance with the terms of an agreement for the improvement of the subdivision, the city may compensate the developer for the difference in costs imposed by oversizing, compensating up to 50% of the development costs collected for a part or phase of development. The city is seeking an agreement to improve the division with respect to any public improvements for which the developer must require the city to reimburse excessive costs. If Perimeter Street was built by a former developer in accordance with the provisions of an improvement sharing agreement that allows for a refund (see Article 6, Section 2.09), the current developer will be charged a Street Fee perimeter corresponding to the refund amount described in the previous improvement agreement. If the city is not reimbursed within the prescribed time, the city will request the reimbursement of the aforementioned fees on any guarantees related to the subdivision improvement agreement. . . .

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