14.25.100 Term of developer reimbursement agreements.
(1) Each developer reimbursement agreement for:
(a) Street system improvements shall be valid for a period not to exceed 15 years from the effective date of the agreement; and
(b) Utility system improvements shall be valid for a period not to exceed 20 years from the effective date of the agreement.
(2) The developer reimbursement agreement may provide for an extension of the reimbursement periods as provided above for a time not to exceed the duration of any moratorium, phasing ordinance, concurrent designation, or other governmental action that prevents making applications for, or the approval of, any new development within the benefit area for a period of six months or more.
(3) Upon the extension of the reimbursement period pursuant to this section, the agreement must specify the duration of the agreement extension and must be filed and recorded with the County Auditor. [Ord. 4156, 2014; Ord. 3709 § 1, 2004; Code 1970 § 14.12.100.]