Agenda - Council Work Session - 12/08/2009

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2. Amendments A. Article 3. is hereby deleted, to be replaced by the following Article 3: ARTICLE 3 REIMBURSEMENT OF 21sT The parties acknowledge that as of the date hereof, the City has partially reimb Oakwood Contribution in the total amount of $ 502,204.00, through credits development agreements. In addition, Oakwood assigned some credits to S related company, and Sweetbay Land Company was given credit for $20, .00 agreement for Sweetbay Ridge. The total amount reimbursed for the Oakwo d Contrl therefore $710,420.00. The amount remaining to be reim sed to Oakwood $5,289,580.00. Oakwood has assigned its rights to reimbursement st kwood for the in the Brookfield and Company, a development date is erefore Future lots platted from outlots or other lots in Brookfield E" Third Addition will pay no water trunk fees or sewer trunk fees, and for each lot platted, t t of the Oakwood Contribution deemed reduced by the trunk fee avoidance will be $3,062 per 1,925 for water trunk fee and $1,137.00 for sewer trunk fee). In addition, 21st is entitled to up to .tional credits of $1,925 + $1,137.00 from the as-yet unplatted lots in Sweetbay Ridge, and up to dditional credits of $1,925 + $1,137 from the as-yet unplatted los in Harm Farms, pursuant to ection 3.01 of the WCSA. 21st may, at its option, assign the right to any of the a third party. For each lot (new or existing) connecting to City e Northwest Service Area or Northeast Service Area outside of the Brookfield First, Seco or Third Addition or parts thereof, 21 st will receive the sum of $1,925.00 per lot from City, payable e time that new plats are recorded or hookup of existing lots occur, but in t er provided by icle 5, Section 5.01. If the City increases the Water Trunk Fee, then t . mount will increase by a like amount, but will never fall below $1,925.00 per hookup sement will continue until the total amount of the Oakwood Contribution paid by 1 ); the total amount received from new lots created from outlots or other lots in the B eld First, econd and Third Addition ($3,062.00 per lot) and the total amount received from all other ed or hooking up to City Water in the Northwest or Northeast Service Are 5.00 per hook or as increased) totals $6.0 million, or until December 31, 2026, whichev age of Article 4 shall be amended to read as follows: all expire on December 31, 2026, after which time 21 st will receive no further Water Trunk Fees, N TWITHSTANDING THAT THE OAKWOOD CONTRIBUTION MAY NOT BE PAID IN FULL AS OF SAID EXPIRATION DATE. Notwithstanding the foregoing language, if the City adopts any moratoriums on residential development prior to the expiration date, the expiration date will be extended by an amount oftime equal to the duration of the moratoriums. c. Article 5.07: Notice to Oakwood shall be changed to "Notice to 21 st", as follows: