8-1-111. DEVELOPER AGREEMENTS FOR IMPACT FEES.
(1) Where a development includes or requires a qualifying improvement, as defined in Section 8-1-108, "Expenditure of Impact Fees," the City and the developer may agree in writing to have the developer participate in the financing or construction of part or all of the qualifying improvements. Such agreement may provide for cash reimbursements, offsets, or other appropriate compensation to the developer for the developer's participation in the financing and/or construction of the improvements.
(2) The agreement shall include:
a. The estimated cost of the qualifying improvements, using the lowest responsive bid by a qualified bidder, which bid is approved by the Impact Fee Administrator; or, if no bid is available, the estimated cost certified by a licensed engineer and approved by the Impact Fee Administrator;
b. A schedule for initiation and completion of the improvement;
c. A requirement that the improvement be designed and completed in compliance with any applicable City ordinances; and
d. Such other terms and conditions as deemed necessary by the City.