Agenda - Public Works Committee - 09/15/2020

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As partial reimbursement of the Oakwood Contribution, the City agrees not to collect Trunk Fees from Oakwood for the Oakwood Lots, which partial reimbursement to Oakwood totals One Million Three Hundred Ninety Nine Thousand Three Hundred Thirty Four and 00/100ths Dollars ($1,399,334.00), (the "Oakwood Lots Reimbursement") calculated as follows: $1,925.00 (Water Trunk Fees) + $1,137.00 (sanitary sewer trunk fee) x 457 lots. The Oakwood Lots Reimbursement shall be considered a payment of the Trunk Fees for the Oakwood Lots. It is further agreed between the parties that if Oakwood is unable to develop the full number of lots as herein set forth, the Oakwood Lots Reimbursement shall be reduced to the number of Oakwood Lots that Oakwood actually develops. For example, if Oakwood is only able to develop 400 Lots, then the Oakwood Lot Reimbursement shall be $1,224,800.00 [calculated as follows: $1,925.00 + $1,137.00 x 400 lots]. Section 3.03 Additional Oakwood Reimbursement. The remaining balance of the Oakwood Contribution, after deduction of the Oakwood Lots Reimbursement, is Four Million Six Hundred Sixty Thousand Six Hundred Sixty Six and 00/100ths Dollars ($4,600,666.00) (the "Additional Oakwood Reimbursement"). The Additional Oakwood Reimbursement is calculated as follows: $6,000,000.00 (Oakwood Contribution) - $1,399,334.00 (Oakwood Lots Reimbursement) = $4,600,666.00 (Additional Oakwood Rimbursement). The Additional Oakwood Reimbursement shall be reimbursed to Oakwood by payment of one hundred percent (100%) of the Water Trunk Fee paid by the first 2,390 lots [calculated as follows: $4,600,666.00 - $1,925.00] hooked -up to water in the Northwest Service Area and Northeast Service Area and the Additional Oakwood Reimbursement Area which area is legally described on attached Exhibit C (the "Additional Oakwood Reimbursement Area").