Agenda - Public Works Committee - 09/15/2020

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2. DEFINITION OF TERMS — Capitalized terms as used herein shall have the definition attributed to them herein, Capitalized terms used herein that do not have a stated definition herein shall have that definition assigned to them in the WSCA. 3. AMENDMENTS TO WSCA A. Article 3 of the WSCA is hereby deleted, and replaced by the following Article 3: ARTICLE 3 21st REIMBURSEMENT 3.01 .21st Reimbursement The parties acknowledge that as of the date hereof, the City has partially reimbursed Oakwood for the Oakwood Contribution in the total amount of $ 502,204.00, through credits given in the respective Brookfield development agreements. In addition, Oakwood assigned some credits to Sweetbay Land Company, a Minnesota corporation, and an Oakwood related company. Sweetbay Land Company was given Trunk Fee credit for $208,216.00 in the Sweetbay Ridge/City of Ramsey development agreement for Sweetbay Ridge Addition. The total amount reimbursed for the Oakwood Contribution to date is therefore $710,420.00. The amount remaining to be reimbursed to Oakwood is therefore $5,289,580.00. Oakwood has assigned its rights to the Oakwood Lots Reimbursement to 21 st Future lots platted from outlots or other lots in Brookfield First, Second and or Third Addition will pay no Trunk Fees for each lot platted, the amount of the Oakwood Contribution deemed reduced by the Trunk Fee credit will be $3,062 per lot ($1,925 for the Water Trunk Fee and $1,137,00 for sewer Trunk Fee). In addition, 21st is entitled to up to 91 additional water Trunk Fee credits from the current unplatted lots in Sweetbay Ridge, and up to 60 additional water Trunk Fee credits from the current unplatted lots in Harmony Farms, pursuant to Section 3,01 of the WSCA. The City shall charge the ultimate developer of the remaining unplatted lands in Sweetbay Ridge (91 lots) and Harmony Farms (60 lots) the full Trunk Fees, and remit the Water Trunk Fees to 21st at the address noted in Article 5 Section 07 in satisfaction of the credits owed to 21st for those two developments. The City will retain the sanitary sewer trunk fees for said lots, Except for the remaining unplatted area of Brookfield (as represented by platted developable outlots), City will also retain the right to all future sanity sewer trunk fees of any kind or nature, 3.02 Additional 21st Reimbursement For each lot (new or existing) connected to city water within the Northwest Service Area, Northeast Service Area (outside of Brookfield or parts thereof,) or within the Additional Oakwood Reimbursement Area, and outside of Sweetbay Ridge and Harmony Farms, 21s' will receive from the City the Water Trunk Fee, payable at the time the hookup of a lot occurs, and in the manner provided by Article 5, Section 5,01. If the City increases the Water Trunk Fee, then this per/lot amount will increase by a like amount. The Water Trunk Fee reimbursement will continue until the total amount of the Oakwood Contribution credited by City to date ($710,420.00) plus the total amount received or credited or paid from new lots created from outlots or other lots in Brookfield or current unplatted lots in Sweetbay Ridge or Harmony Farms plus the total amount received from all other lots platted or hooking up to city water in the Northwest, Northeast Service Areaand the Additional Oakwood Reimbursement Area ($1,925,00 per hookup -or as increased) totals six million dollars ($6,000,000.00), or until December 31, 2026, whichever comes first, 2