Res 2016-056/Reimbursement of a portion of impact fees to related to the construction of the Post Road waterline by Brookfield Development

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Reimbursement of Cost of Post Road Proiect. In addition to the water impact fee per service unit under Paragraph 13 the City will charge a lot fee of $2,83 1 00 per service unit (the "Lot Fee ") for all remaining lots sold by Carma after the effective date of the First Amendment for each water connection made to the City's water system within the area served by the Post Road Water Project as described on Exhibit C attached hereto (the "Post Road Service Area "). The City agrees to thereafter pay to Carina an amount equal to all of the Lot Fees collected by the City for water connections made to the City's water system on any property in the Post Road Service Area for a period of ten years from the date of completion of the Post Road Project, or until Carma has recovered the total cost of the Post Road Project (including, without limitation, engineering costs construction costs, easement costs and an administrative fee of not more than 15% of the construction costs), whichever comes first. The City will make these payments to Carina within 30 days of the receipt of each Lot Fee payment The City will retain all impact fees collected. Notwithstanding any other provision under the Agreement except for the payments to Carma with respect to the Lot Fees as set forth in this Paragraph 9, no other payments will be made to Carma for lots subject to this paragraph. 2. A memorandum of this First Amendment and the Agreement, in a form approved by the City Attorney, and that discloses the Lot Fee and impact fees to be charged in relation to any remaining lots subject to this First Amendment), shall be recorded, at Carma's expense, in the Official Public Records of Hays County, Texas. Until such memorandum is recorded, Carma shall, before closing, provide written notice to any buyer under the contract that discloses the maximum possible amount of Lot Fees and impact fees to be charged by the City. No Lot Fee payment will be made to Carma for any specific lot unless proof satisfactory to the City Manager is provided demonstrating that the buyer of any lot subject to the Agreement (as amended by the First Amendment) was given constructive or written notice as required by this paragraph on or before the date of closing. 3. All other terms of the Agreement not amended, modified or supplemented by this First Amendment shall remain the same and in full force and effect. EXECUTED to be effective as of the 3rd day of May, 2016. CITY: CITY OF SAN MARC S, T By, J ed Miller, City Manager 'C lllyT1. 2271678.2 2