Agenda - Council - 05/17/2011 - Special

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Parcel Description Area Allocation % Assessment Amount Lot 1, Block 1 86A36 acres 61% $1,074,650 Outlot B 45.196 acres 32% $563,751 OutlotD 9.621 acres 7% $123,320 Total $1,761,721 To the extent that the Aggregate Assessment Amount is less than $1,761,721, the Assessment Amount for Lot 1, Block 1 shall be reduced. The composition of the maximum amount of Project Costs is set forth as listed below: Estimated Improvement Costs Street and Trail Improvement - Bunker Lake Extension West Leg - Armstrong Intersection Drainage Improvements - Bunker Lake Sanitary Sewer - Bunker Lake Watermain Extension - Bunker Lake Blvd. Puma Street Surfacing Puma Street Trail Allocation of Development Fees Stormwater Fee Sanitary Sewer Trunk Fee Trail Development Fee Water Trunk Fee Sub -total Grand Total $566,048.00 $(65,400.00) $189,965.00 $222,996.00 $277,512.00 $117,049.00 $56,518.00 $1,364,688.00.00 $60,075.00 $22,734.00 $56,000 $258,224.00 $1,761,721.00 4. Waiver by Owner. The Assessments levied under Section 3 above shall be deemed adopted on the date this Agreement is signed by the City. Owner, by signing this Agreement, acknowledges that the Property is benefited by the Stage I City Improvements in an amount at least equal to the amount of the Project Costs, and hereby unconditionally waives all procedural and substantive objections to the Assessment, including without limitation any right to a hearing and any right to appeal the levying of the Assessment. 5. Payment of Lot 1, Block 1 Assessment. The Assessment for Lot 1, Block 1 of the Plat shall be payable in equal semi - annual installments over a period of twenty (20) years, the first installment of which shall be due not sooner than October 15, 2012. The fixed interest rate applied to the Assessment shall be: (a) if the City elects to finance the Project Costs internally, a fixed rate not greater than two percent (2 %) per annum in excess of the "prime rate" as published in The Wall Street Journal on the date of this Agreement; or (b) if the City elects to finance Project Costs through issuance of bonds (the "Bonds "), the fixed rate payable on the Bonds plus any discount and costs of issuance of the Bonds actually payable by the City, not to exceed two percent (2 %) of the aggregate amount of the Bonds. ALPHA DEVELOPMENT /Legacy Christian Academy Development Contract Page 15of18 Comment [TG3]: ESTIMATED: Per discussion in regards to credit for grading work in ROW.