Recapture of Infrastructure Costs Advanced Sample Clauses

Recapture of Infrastructure Costs Advanced. ‌ If any components of the infrastructure improvements for the Property, including part or all of the Property’s waste water system and water system, roadway improvements, rights- of-way, easements and intersection improvements, including signalization, are designed and constructed by the Owner with the approval of the Village so as to benefit other real estate (the “benefited properties or property”), then the Village shall adopt a recapture agreement within 120 days of a request from Owner. Recapture agreements shall be in form and substance reasonably acceptable to Owner and the Village, and shall obligate the properties benefited by such improvements to pay to the Village (for the benefit of Owner) such property’s share of the total cost of said improvements (including hard and soft costs related to the design and installation of said improvements) plus interest at the prime rate from time to time published in The Wall Street Journal (computed from the date of installation until paid to Owner), or as otherwise agreed by the parties. The following is an example of a recapture calculation: assume that the Village determines that a waterline to be constructed by the Owner must be increased from 8” to 10” in order to serve other properties and that the other properties benefited will utilize 25% of the capacity of the 10” line; assume further that the cost of installing an 8” line is $170,000 and the cost of installing a 10” line is $200,000 (an additional $30,000); the benefited properties would pay 25% of the total cost of installing the 10” line ($50,000), not the difference in cost ($30,000) to install the larger line. If the foregoing method of calculating recapture is prohibited by State law, the method provided in the statutes for such calculations shall be used. For non-roadway improvements, each property’s share of such cost shall be computed on a per acre basis or P.E. basis (if applicable and adequate information is available to make such a determination at the time the recapture ordinance is requested) or as otherwise agreed by Owner and Village. For roadway improvements including signalization, each property’s share of such cost shall be computed on a per corner basis or on a street frontage basis. Each property’s share of its recapture obligation shall be paid to the Village upon approval of a final plat or final planned unit development plan for any part of the property so benefited. The recapture agreement shall additionally provide that th...
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Related to Recapture of Infrastructure Costs Advanced

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