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Res 2019-022/approving a contribution in aid of construction agreement with Urban Mining Company and Urban Mining Development, LLC to provide for the City’s financial participation in the cost of extending electric service to Urban Mining Company’s opera
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Res 2019-022/approving a contribution in aid of construction agreement with Urban Mining Company and Urban Mining Development, LLC to provide for the City’s financial participation in the cost of extending electric service to Urban Mining Company’s opera
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3/26/2019 10:54:47 AM
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2/5/2019 10:53:46 AM
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Resolutions
City Clerk - Type
Agreement
Number
2019-22
Date
1/29/2019
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Section 1.05. For these reasons and in consideration of the mutual benefits to and promises <br />of the Parties set forth below, the Parties are entering into this Agreement for the purposes of <br />outlining the terms under which the City will participate in the cost to extend electric service to <br />Developers' respective property. <br />ARTICLE 11 <br />DEFINITIONS <br />Section 2.01. "Affiliate" any entity that directly or indirectly controls, is controlled <br />by, or is under common control with, Developers. <br />Section 2.02. "Business" means the production of magnets from recycled rare earth <br />materials to support a wide range of industrial sectors, including high performance electric motors, <br />energy generation, transportation and military/defense and all related activities on Parcel 4 as <br />shown in Exhibit A. "Business" shall, otherwise, have the same meaning as provided in the Chapter <br />380 Agreement. <br />Section 2.03. "Chapter 380 Agreement" means that certain Chapter 380 Economic <br />Development Incentive Agreement between the City and Developers dated April 18, 2017, <br />together with any amendments or modifications thereto. <br />Section 2.04. "Effective Date" means the date that UMC begins drawing permanent <br />electric power at its facilities on Parcel 4 of Exhibit A through the Electric Service. <br />Section 2.05. "Electric Service" means the electric power service infrastructure <br />constructed by the City to provide permanent electric service to UMC based on the electric usage <br />projections provided by UMC as outlined in Exhibit B, and a 138kV electric substation to be <br />constructed on an approximately 2.4 acre tract as shown in Exhibit A from which the Land and <br />other areas within the City's ETJ may be provided with electric service as it develops. <br />
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