Agenda - Public Works Committee - 09/15/2020

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Section 2.02 Letter of Credit. The Oakwood Contribution will be made pursuant to a letter of credit issued by a lending institution within thirty (30) days of City approval of this Agreement. The lender issuing the letter of credit, the form and content of letter of credit are all subject to approval by the City. The letter of credit, amongst other terms, shall provide that the City may draw against it to pay a proportionate amount of each draw by the project contractor in proportion to the Oakwood Contribution and the total cost of the Project. For example, if the total Project costs are $10,000,000.00, the City may draw upon the letter of credit, six tenths (.6) [$6,000,000.00 _ $10,000,000.00] of each draw by the contractor. ARTICLE 3 OAKWOOD REIMBURSEMENT The City shall reimburse Oakwood, or its successors or assigns, for the Oakwood Contribution as hereinafter set forth. Section 3.01 Oakwood Lots. Oakwood anticipates developing the following number of lots on the Oakwood Properties (hereinafter referred to as the "Oakwood Lots"): Brookfield Property - Gun Club Property - Harmony Farm Property - 238 Lots 159 Lots 60 Lots Total Number of Lots - 457 Lots Section 3.02 Oakwood Lots Reimbursement. The 2006 water trunk fee charged by the City is One Thousand Nine Hundred Twenty Five and 00/100ths Dollars ($1,925.00) per lot (the "Water Trunk Fee(s)"), and the 2006 sanitary sewer trunk fee is One Thousand One Hundred Thirty Seven and 00/100ths Dollars ($1,137.00) per lot. The sanitary sewer trunk fee and the Water Trunk Fee are hereinafter collectively referred to as the "Trunk Fee(s)."