Reimbursement to Developer Clause Samples
The 'Reimbursement to Developer' clause establishes the developer's right to be repaid for certain costs or expenses incurred during the course of a project. Typically, this clause outlines which types of expenses are eligible for reimbursement, such as materials, labor, or third-party services, and may specify the process for submitting and approving reimbursement requests. Its core function is to ensure that the developer is not financially disadvantaged for out-of-pocket expenditures made on behalf of the project, thereby allocating financial responsibility and reducing disputes over project-related costs.
Reimbursement to Developer a. Developer may seek reimbursement for the oversize portion of infrastructure and disproportionate right-of-way acquired and/or granted and a pro rata portion of the cost of off-site Improvements required under this Agreement; provided, that the Developer’s right to reimbursement under this Section shall be limited to a period of five years following Acceptance of any reimbursable Improvements.
b. At the time of final approval of a subdivision plat or other development plan for properties that use these Improvements, the Town shall require, as a condition of approval, a proportional reimbursement to Developer based upon values given by Developer. Nothing contained in this Agreement shall (i) operate to create an obligation on the part of the Town to pay or reimburse any costs to Developer in the event such costs are not recovered by the Town as contemplated herein, for any reason, from the properties or property owners that use the Improvements; or (ii) require the Town to disapprove any project where there is a disagreement as to the reimbursement value between the Developer and the new development. The Town, as a condition of approval of the new development, shall require the developer of the new development to engage in good faith negotiations with the Developer. While the actual costs of the improvements described in this Section is unknown at this time, any reimbursement requested by ▇▇▇▇▇▇▇▇▇ will be based on actual costs incurred for engineering, planning, and all other development consulting services related to the specific offsite improvements as well as the actual hard construction costs incurred in building such offsite improvements. Developer may request a reimbursement based on a pro-rata allocation of such costs between Developer and any developments that are either adjacent to the Development, in proximity to the Development, or otherwise benefit from the Development.
c. In calculating the reimbursement, the Developer shall consider all factors reasonable to the analysis, including, without limitation, proportional linear footage, projected traffic generation, and/or utility usage. The specific improvements eligible for reimbursement shall include: (i) the right-of-way dedication for ▇▇▇▇ Road and any improvements to ▇▇▇▇ Road, including, without limitation, widening the travel lanes and shoulders, constructing a decel lane, constructing a walking/bike path and additional landscaping in such right-of-way (collectively, “Roadway improvements...
Reimbursement to Developer. Second, to -------------------------- reimburse Developer, its successors or transferees, a sum up to the amount equal to the sum of (i) the costs incurred for the development of the Project, prorated to the Premises, if the Premises are less than all of the Project, on a square foot basis, and for the improvements existing on the Premises at the time of the re-entry and repossession by Developer, less (ii) any gains or income withdrawn or made by Developer from the Premises or the improvements thereon; provided however, that no payment shall be made to Developer if this Lease is terminated as a result of an uncured default by Developer. 105
Reimbursement to Developer. Per the provisions of the Sanitary Sewer Cost Share Agreement-Part A, paragraph 5, the Developer is entitled to reimbursement of a portion of the Developer’s contribution above based on the formula set forth therein. Utilizing that formula, the Maximum Reimbursement Amount payable to the Developer shall be $622,500 calculated as follows:
a) Developer’s Share of the Pump Station Cost = $750,000 (total cost of Pump Station) x .17 (estimated percentage of capacity used by development) =$127,500 b) Maximum Reimbursement Amount=$750,000 (Developer Contribution) minus $127,500 (Developer’s Share of Pump Station Cost) =$622,500.
Reimbursement to Developer. The VILLAGE shall collect the RECAPTURE AMOUNTS, plus any interest that has accrued thereon upon, from the owners and/or DEVELOPERs of the BENEFITING PROPERTIES as follows:
a. Water and Sewer RECAPTURE AMOUNTS: upon actual physical connection to the IMPROVEMENTS by a BENEFITING PROPERTY;
b. Utility line burial RECAPTURE AMOUNTS: upon recording of a final plat of subdivision approval for a BENEFITING PROPERTY by the VILLAGE; The VILLAGE shall within seven (7) business days of receiving such recaptures immediately deliver to DEVELOPER all RECAPTURE AMOUNTS (and any interest accrued thereon) collected as provided herein.
Reimbursement to Developer. The City shall not be obligated to reimburse the Developer, and may hold back any reimbursement due the Developer, if any of the following conditions are not met:
i. Final Subdivision & Completion and Conveyance of Public Parking Facility. The final Plat of Subdivision/Condominium has been finalized and recorded and the Public Parking Facility has been completed and deeded back to the City as required by Sections 1.09 and 1.10;
Reimbursement to Developer