Any developer using private funds to acquire public right of way and install street improvements on public right of way in an assessment reimbursement area may apply to the City to establish a street project assessment reimbursement contract. If a developer acquires public right of way and constructs public improvements in an assessment reimbursement area, this contract will enable the developer to recover a pro rata share of the cost of the acquisition and construction from other parties who develop their property afterward and derive a benefit from the improvements. The City Manager or designee is authorized to accept applications for the establishment by contract of an assessment reimbursement area as provided by state law, provided such application substantially conforms to the requirements of this chapter. No street project assessment reimbursement contract will extend for a period longer than 15 years from the date of final acceptance by the City. The City Council has discretion to authorize or not to authorize street project assessment reimbursement contracts on a case-by-case basis. (Ord. M-4082 §2, 2014; Ord. M-4082 §2, 2014; Ord. M-4026 §6, 2012)