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construction or improvement of the subdivision or development,' <br />and such advance is accepted, the City may agree to reimburse <br />the subdividor from such funds as the City may make available <br />for such purpose from time to time for the cost of such <br />advance together with interest, which shall be excludable from <br />gross income for Federal income tax purposes, at a rate equal <br />to the rate of interest on bonds most recently issued by the <br />City on the following terms and conditions: <br /> <br /> (i) The City shall determine or confirm that the road <br />improvements were substantially generated and reasonably <br />required by the construction or improvement of the subdivision <br />or development and shall determine or confirm the cost <br />thereof, on the basis of a study or studies conducted by <br />qualified traffic engineers and approved and accepted by the <br />subdividor. <br /> <br /> (ii) The City shall prepare, or cause to be prepared, a <br />report accepted and approved by the subdividor, indicating the <br />governmental services required to be furnished to the <br />subdivision or development and an estimate of the annual cost <br />thereof for the period during which the reimbursement is to be <br />made to the subdividor. <br /> <br /> (iii) The City may make annual reimbursements to the <br />subdividor from funds made available for such purpose from <br />time to time including but not limited to real estate taxes <br />assessed and collected against the land and improvements on <br />the property included in the subdivision in amounts equal to <br />the amount by which such real estate taxes exceed the annual <br />cost of providing reasonable and necessary governmental <br />services to such subdivision or development. <br /> <br /> 3. This ordinance shall take effect from the date of its <br />adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held September 27, 1988. <br /> <br />Te s te: <br /> <br />City Clerk <br /> <br /> <br />