(1) Any reimbursement assessment shall be a pro rata share of costs of construction and contract administration of the improvement. The reimbursement share shall be determined by using a method of cost apportionment which is based upon the benefit to the property owner from the project.

(2) A separate account shall be established for each assessment reimbursement area.

(3) No assessment reimbursement shall become payable to the owner or county under the assessment reimbursement contract until the property assessed is subject to development as defined in this title; and the ordinance forming the area shall provide that payment of the assessment by the ordinance is a condition of the issuance of any permit or approval of development of the property assessed. Assessment reimbursement contracts filed for record in the Snohomish County auditor’s office within 30 days of the final execution of the ordinance forming the assessment reimbursement area shall be binding on all owners of record within the assessment reimbursement area who are not party to the assessment reimbursement contract for the duration of the assessment reimbursement contract which may not exceed 15 years. The department of planning and development services is hereby designated to collect assessments under this chapter. The department of finance is hereby designated to reimburse assessments under this chapter.

(4) If the actual costs of the project are less than the cost base utilized in determining assessments, assessments shall be adjusted downward to reflect actual costs. If the costs of the project are more than the cost utilized in determining assessments, the owner shall be responsible for payment of such excess with no reimbursement to be provided for the excess. (Added by Ord. 87-011 § 9, Apr. 15, 1987; Amended by Amended Ord. 90-068 § 8, Nov. 14, 1990, Eff date Feb. 9, 1991; Amended by Ord. 96-028 § 82, June 12, 1996, Eff date June 29, 1996).