Agenda - Council - 01/24/2006 - Laserfiche WebLink

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Section 3.02 Oakwood Lots Reimbursement. It is agreed between the parties hereto that the 2006 water hook-up fee charged by the City is One Thousand Nine Hundred Twenty Five and 00/100ths Dollars ($1,925.00) per lot, and the current sanitary sewer hook-up fee is One Thousand One Hundred Thirty Seven and 00/100ths Dollars ($1,137.00) per lot (hereinafter collectively referred to as the "Trunk Fees"). As partial reimbursement of th~ Oakwood Contribution, the City agrees not to collect Trunk Fees from Oakwood for the Oakwood Lots, which partial reimbursement to Oakwood totals One Million Four Hundred Seventy-eight Thousand Nine Hundred Forty-six and 00/100ths Dollars ($1,478,946.00) [calculated as follows: $1,925.00 (water hook-up fees) + $1,137.00 (sanitary sewer hook-up fee) x 483 lots]. Said partial reimbursement to Oakwood shall be considered a prepayment 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, then the reimbursement amount as set forth in this Section 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 partial reimbursement to Oakwood shall be $1,224,800.00 [calculated as follows: $1,925.00 + $1,137.00 x 400 lots]. Section 3.03 Water Hook-Up Fee. The remaining balance of the Oakwood Contribution, being Four Million Five Hundred Twenty-one Thousand Fifty-four and 00/100ths Dollars ($4,521,054.00) [calculated as follows: $6,000,000.00 (Oakwood Contribution) - $1,478,946.00 (Oakwood Lots Reimbursement) shall be reimbursed to Oakwood by payment to Oakwood of one hundred percent (100%) of the water hook-up fee paid by the first 2,348 lots [calculated as follows: $4,521,054.00 ~- $1,925.00] hooked-up to water in the Northwest and Northeast Service Areas. 4 -263-