Agenda - Council - 02/14/2006 - Laserfiche WebLink

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Oakwood shall receive one hundred percent (100%) of the water hook-up fees for the 2,348 lots even if the water hook-up 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 mount of the reimbursement and the number of lots within the Northwest and Northeast Service Areas under this Section shall be increased 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 hook- up fees shall be increased by 83 Lots [calculated as follows: 483 Oakwood Lots anticipated to be developed - 400 Oakwood Lots actually developed]. It is agreed that Oakwood will no._St receive a p~oportion of any water hook-up fee if the City does not receive a water hook-up 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 hook-up fees for the lots to be developed by such developer. Notwithstanding anything in this Section 3.04 to the contrary, in no event shall Oakwood be reimbursed more than the Oakwood Contribution. 3.04 Additional Oakwood Lots. If Oakwood develops any lots in addition to the Oakwood Lots within the Northwest and/or the Northeast Service Areas, Oakwood shall not be required to pay any water hook-up fees for such additional lots, and the then current City trunk charges shall be credited against the remaining reimbursable amount of the Oakwood Contribution. -215-