Res 2003-137 - Laserfiche WebLink

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purchase. B. The Bennett property intended to be served by the Bennett Property Reserved Capacity in the Post Road Project is vacant and undeveloped, and is subject to subdivision platting and if annexed, zoning approvals, by the City that will affect the use of the property and the need for utility facilities. It is contemplated that Agua Tierra and the City will enter into a Development Agreement providing for the development of the property, including subdivision and zoning as a Planned Development District. Agua Tierra shall file all required applications for such approvals as provided in such Development Agreement, and shall pursue the approval of the applications with best efforts. The City agrees to process these applications in accordance with applicable laws and ordinances and to render decisions on the applications in a timely manner. In the event that a Development Agreement is not entered into by Agua Tierra and the City, or a platting or zoning approval requested by Agua Tierra or a subsequent owner of the Bennett property is not approved or is finally denied prior to the completion of the Post Road Project, and Agua Tierra has not yet executed the construction contract for the Post Road Project, Agua Tierra or the then owner of the Bennett property may terminate this Agreement by giving written notice to the City. The termination of this Agreement will take effect ten (10) days after the date Agua Tierra delivers the notice to the City. 13. Applicable Laws; Impact Fees. A. This Agreement and the provision of water service through the Post Road Project are subject to all valid and applicable ordinances, fees (including City water impact fees as specified in Paragraph 7), rules, regulations, and laws of all governmental agencies having lawful jurisdiction over them. B. The City agrees that water impact fees charged to Agua Tierra or the subsequent owner(s) of all or any part of the Bennett property for the Reserved Capacity under Paragraph 7 during the Reservation Period above will, at the option of Agua Tierra or such owner, be calculated at the City's prior water impact fee amount of$363.00 per service unit, using the City's water impact fee service unit calculations formula in effect as of September 30, 2002. 14. Entire Agreement; Assignment. This Agreement constitutes the entire agreement between the Parties hereto and may be amended only by a written document signed by the Parties. This Agreement shall be binding upon the successors and permitted assigns of the Parties. Agua Tierra may assign all or part of its rights and/or obligations under this Agreement to a purchaser of all or part of the Bennett property, or to a lender providing financing for all or part of the Post Road Project costs, without the consent ofthe City; however, such an assignment is not valid unless Agua Tierra delivers written notice of the assignment to the City. Any other assignment by a Party of rights or obligations under this Agreement will require the written approval of the other Party. 15. Authority of Signatories. Each of the persons executing this Agreement represents that he or she has full power and authority to execute this Agreement on behalf of the Party that person represents. 16. Notice. Notices required by this Agreement will be provided by the Parties to one another by 6