§ 2-115. Developer agreements.

The city is expressly authorized to enter into agreements (herein "developer agreements"), on its own behalf and on behalf of other governmental units pursuant to an interlocal agreement authorized under section 2-116, with the property owners to be affected by any proposed special assessment, pursuant to which such property owners voluntarily agree to participate in the city's special assessment program. Any developer agreement shall set forth:

(1)

The service to be provided or project to be constructed, repaired, maintained or improved pursuant to the special assessment program;

(2)

The location(s) of the service or project, if applicable;

(3)

An acknowledgement of the special benefit to be realized by each property owner as a result of the service or project;

(4)

The basis for assessment;

(5)

The estimated total project cost or annual cost for the service to be paid pursuant to the special assessment program; and

(6)

The sources of funds to pay the total project cost or annual cost of a service. A developer agreement may also contain such other provisions as are acceptable to the city and each property owner, and may be executed in connection with a special assessment pursuant to an interlocal agreement as authorized by section 2-116. Any developer agreement entered into pursuant to this section 2-115 shall be enforceable by the city on its own, or in conjunction with the enforcement of any assessment or certificate of indebtedness.

(Ord. No. 96-102, § 3, 2-20-96)