The reimbursement agreement shall be subject to an annual seven percent interest charge as provided in CVMC 15.50.090, six percent of which shall be payable to the person who is entitled to reimbursement during the term of the agreement, and one percent shall be payable to the City during the term of the contract and placed by the City in its general fund to cover the administrative costs of the City in its expense in handling the collection of such funds. At the conclusion of the term of the reimbursement agreement, the total annual seven percent interest charge shall be payable to the City. The term of any reimbursement agreement shall be established by the City Council based upon the reasonable expectations of the development of benefited properties or the utilization of the public improvement by such benefited properties; provided, however, that the maximum term of any reimbursement agreement shall be for a period of 20 years. After termination of the term established by said agreement, the same reimbursement charges shall be imposed, but the funds collected therefrom will not be paid to the developer or its successors in interest, but shall be deposited in the general fund of the City.

If, during a 20-year period following the formation of the district, any person either files a tentative map or a tentative parcel map or applies for a building permit on a lot for which a charge for public improvements has been established in accordance with this chapter, and such person or his predecessor in interest has not paid such charges to the City, the established charge shall be paid prior to the filing of the final map or parcel map, or the issuance of the building permit; provided, however, such payment shall not be required in connection with building permits having a total improvement value of $10,000 or less; provided, however, that improvements which are a modification or addition to single-family structures shall not be subject to an assessment under a reimbursement agreement; and provided further, that the money paid shall include the principal charge plus interest in the amount of seven percent from the date of establishment of the charge. (Ord. 1764 § 1, 1977).