The Town has the financial mechanism in place to enter into public improvement reimbursement agreements with private developers and property owners for the design and construction of municipal infrastructure that is included on the Town’s Capital Improvement Plan and serves the developer or property owner.
The Town has a successful history of over performing public improvement reimbursement agreements.
On July 27, 2010, the Town entered into a Public Improvements Reimbursement Agreement with a developer whereby the Town will reimburse the developer for the costs of certain public sewer improvements incurred by the developer. The original cost of the improvements amounted to $387,516, which were accepted by the Town in 2012. The source of the repayment is equal to 50% of the sales tax collections remitted to the Town by the developer. The term of the payments is for ten years beginning September 2011. The Town’s obligation to make any payments under the agreement expires at the end of the ten‐year period. During the year ended December 31, 2016, the Town reimbursed the remaining amounts due to the developer of $45,577.
On January 28, 2014, with an effective date of February 23, 2015, under a separate Public Improvements Reimbursement Agreement with a developer, the Town accepted improvements amounting to $258,914 related to certain public improvements incurred by the developer. The source of the repayment is equal to 50% of the sales tax collections remitted to the Town by the developer. The term of the payments is for ten years beginning March 1, 2015. The Town’s obligation to make any payments under the agreement expires at the end of the ten‐year period. During the year ended December 31, 2016, the Town reimbursed the developer $80,302, leaving a balance of $125,501 at 2016 year‐end.