§ 42-57. Development agreements.  


Latest version.
  • (a)

    The city may enter into a development agreement with an applicant to establish road impact fees or to provide equivalent road improvements necessary to serve new buildings. A development agreement may include, but shall not be limited to, provisions which:

    (1)

    Permit the construction of specific road system improvements in lieu of or with a credit against the road impact fee otherwise assessable under sections 42-55 or 42-56.

    (2)

    Provide for a transfer of credits as provided for in section 42-58 to any successor in interest in land.

    (3)

    Allow a schedule and method of payment of impact fees in a manner different than provided in section 42-62, in a manner appropriate to the particular circumstances of the proposed development in lieu of the requirements for payment of the fees as set forth in this subsection, provided that security is posted or provided ensuring payment of the fees with interest, in a form acceptable to the city, which security may be in the form of a cash bond, irrevocable letter of credit, negotiable certificate of deposit or escrow account, surety bond, or lien or mortgage on lands to be covered by the building permit. The city manager may waive the security requirement for development agreements involving changes of use.

    (b)

    Any agreement proposed by an applicant pursuant to this section shall be presented to and approved by the city commission prior to when the road impact fee is due pursuant to this division. Any such agreement shall provide for execution by any mortgagees, lienholders, or contract purchasers in addition to the landowner, and shall require the applicant to record such agreement in the public records of the county. The city commission shall approve such an agreement only if it finds that the agreement will apportion the burden of expenditure for new facilities in a just and equitable manner, consistent with applicable state law and case law and this division.

(Code 1988, § 11.5-27; Ord. No. 10-01, § I, 1-14-10)