(A) Prior to the passage of this Ordinance, the City had established a policy (Resolution No. 93-1119) which required a developer to pay a proportionate share of the costs of improving main trafficway designated streets by entering into an escrow agreement, by creating a benefit district and paying special assessments, or by constructing the improvement. From and after March 1, 1999, an exemption from payment of the Initial Improvement Tax (but not the Intermediate Traffic Signal Tax) will be granted for all land that fully complied with the policies of Resolution No. 93-1119. For the purposes this exemption, the phrase “fully complied” means:
(1) The execution and filing of an escrow agreement acceptable to the City, along with the payment of any financial contribution required by the agreement, prior to March 1, 1999; or
(2) The creation of a valid benefit district prior to March 1, 1999 and the levy of special assessments prior to January 1, 2001.
(C) Land within any final plat may be entitled to an exemption if it meets the following criteria:
(1) The land is a part of a single-unified ownership of property greater than 350 acres; and
(2) The land contains an environmentally sensitive area; and
(3) The topography of the land is so extreme that traditional section-line main trafficways are too expensive to be built; and
(4) The owner of the land has entered into a developer’s agreement with the City to pay for the construction of the main trafficways by the creation of benefit districts and the square foot assessments to be levied upon the land will equal at least the tax rate established in Section Three of this Ordinance.