Title 12 Public Ways and Property
Chapter 12.13 Road, Street, and Highway Transportation Project Cost Recovery
Article I. Private Project Cost Recovery – Latecomer Agreements
Section 12.13.050 Restrictions on Development
Under the terms of the latecomer agreement the City will not allow any person to develop any property within the reimbursement area without prior payment, or assurance of payment, to the applicant or the applicant’s successor(s) or assign(s), herein referred to collectively as “beneficiary”, of the latecomer charge, including interest and costs of administration.
The latecomer agreement obligates the City to exercise its best efforts to assure compliance with this section, but the City shall not incur liability for an unauthorized development.
Date Passed: Monday, March 31, 2025
Effective Date: Saturday, May 10, 2025
ORD C36653 Section 5
Article II. Assessment Reimbursement Areas
Section 12.13.050 Interest on Assessment Charges
If the assessment reimbursement charge is paid within 30 days from the date the ordinance confirming the assessment reimbursement goes into effect, no interest is payable. Otherwise, interest is payable from the date the ordinance confirming the assessment goes into effect. Interest is calculated on the basis of a 360-day year and is not compounded. Total interest payable may not exceed the principal amount of the assessment reimbursement charge.
Date Passed: Monday, March 31, 2025
Effective Date: Saturday, May 10, 2025
ORD C36653 Section 17
