Agenda - Public Works Committee - 09/15/2020

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Oakwood shall receive one hundred percent (100%) of the Water Trunk Fee for each of the 2,390 lots even if the Water Trunk Fee at the time is in excess of the current One Thousand Nine Hundred Twenty-five and 00/100ths Dollars ($1,925.00) per lot. If Oakwood is unable to receive preliminary plat approval from the City for the full number of Oakwood Lots then the Additional Oakwood Reimbursement will be increased by increasing the number of lots available for reimbursement within the Northwest Service Area, the Northeast Service Area and the Additional Oakwood Reimbursement Area. The increase in lots shall be based on the number of Oakwood Lots that Oakwood does not develop. For example, if Oakwood only develops 400 lots, then the number of lots that Oakwood shall receive 100% of the Water Trunk Fees shall be increased by 57 lots [calculated as follows: 457 Oakwood Lots anticipated to be developed — 400 Oakwood Lots actually developed]. It is agreed that Oakwood will not receive a proportion of any Water Trunk Fee if the City does not receive a Water Trunk Fee as a result of an agreement with any other developer that provides for the developer to pay the cost of the extension of the water main to such developer's property which is considered a payment of the Water Trunk Fees for the lots to be developed by such developer. 3.04 Additional Oakwood Lots. If Oakwood develops any lots in addition to the Oakwood Lots within the Northwest Service Area, Northeast Service Area and/or the Additional Oakwood Reimbursement Area, Oakwood shall not be required to pay any Water Trunk Fees for such additional lots, and the then current City Trunk Fees shall be credited against the balance of the Additional Oakwood Reimbursement.