Common Contracts
1 similar Developer Reimbursement Agreement contracts
CITY OF OAK HARBORDeveloper Reimbursement Agreement • December 18th, 2019
Developer Reimbursement Agreements (also known as latecomer’s agreements) are contracts between the City and a property owner that allow the property owner to recover a portion of the cost of offsite improvements required for the property to be served but also benefiting other properties. The Agreement assesses properties served in proportion to the benefit and expressed as a pro rata share of the total cost. The owner’s property must assume it’s pro rata share of the costs. The latecomer’s assessment appears as a lien on the property payable at the time of connection. When assessed properties connect to the facility covered by the Agreement, the City collects the assessment and forwards the funds to the developer. The City retains a percentage of the assessment collected for overhead costs incurred in administering the contract.
