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25. Impact Fee Transfer and Refunding Agreement Section 1. Parties This agreement is between the City of San Marcos (the "City"), 630 E. Hopkins Street, San Marcos, TX 78666, and Randall Morris ("Morris"), 333 Cheatham Street, San Marcos, TX 78666. Section 2. Definitions Impact fee means the fee charged by the City under Chapter 86, Article 5, Divisions 4 and 5 of the San Marcos City Code for new construction or remodeling that will use the City water or wastewater systems. Wastewater service unit means the unit of development used by the City in charging wastewater system impact fees. Water service unit means the unit of development used by the City in charging water system impact fees. Section 3. Transfer of Wastewater and Water Service Units As partial consideration for the City's purchase from Morris of a nine acre, more or less, tract of property adjacent to Prospect Street in San Marcos, Texas, the City grants and transfers to Morris 101 wastewater service units and 101 water service units. These service units are collectively referred to as the "Transferred Service Units" in this agreement. Section 4. Use of Service Units A. Morris may use all or part of the Transferred Service Units in payment of any impact fees charged by the City for any development project in which ~orris is the property owner or developer. The City agrees to honor the Transferred Service units for this purpose for a period of up to six years after the date of this agreement. B. Morris may assign and transfer all or part of the Transferred Service Units to another person or firm to be used for any development project in which the assignee is the property owner or developer. The City agrees to honor the Transferred Service units for this purpose for a period of up to six years after the date of this agreement. Section 5. Refund of Value of Service Units A. Beginning one year after the date of this agreement, Morris may submit a single request for a refund from the City of the value of all or any part of the Transferred Service Units that have not been used in payment of impact fees. The value of each wastewater service unit comprising part of the Transferred Service Units will be $527, and the value of each water service unit comprising part of the Transferred Service Units will be $363.