Agenda - Public Works Committee - 09/15/2020

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It is agreed that 21st will not receive 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 said 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. As further clarification of this sentence, it is anticipated that as new development occurs, the City may have to give incentives to developers to pay for the cost of extending water mains into new neighborhoods. This would normally be accomplished by not requiring the developer to pay for Water Trunk Fees up to the point where the savings from not paying Water Trunk Fees equals the cost to the developer in extending water mains, For example, in a 100/lot development, Water Trunk Fees now in effect would total $190,250.00 at, $1,925.00 per lot. If the cost of extending the water mains in that project was $50,000.00, the City would be permitted to give the developer in that project up to $50,000.00 in Water Trunk Fee relief, meaning that ultimately, 21st would only receive $140,250.00 in Water Trunk Fees from that development. B. Article 4 of the WSCA is hereby deleted and replaced by the following Article 4, ARTICLE FOUR TERM This Agreement shall expire on December 31, 2026, after which time 21st will receive no further Water Trunk Fees, NOTWITHSTANDING THAT THE OAKWOOD CONTRIBUTION MAY NOT BE PAID IN FULL AS OF SAID EXPIRATION DATE. Notwithstanding the foregoing language, if the City adopts any moratoriums on residential development prior to the expiration date, the expiration date will be extended by an amount of time equal to the duration of the moratoriums. C. Article 5,07: Notice to Oakwood shall be changed to "Notice to 21st", as follows: If to 21st: Thomas P. Dolphin, CEO 21st Century Bank 9380 Central Avenue NE Blaine, MN 55434 Email: tpd@21 stcenturybank.com 3