Agenda - 02-18-1992 - Laserfiche WebLink

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1 policies and not pursuant to any private agreement between Meadowlands and Developer. 6. The Town, the County, and Meadowlands shall make the payments called for herein to the Developer as soon as the construction of the line has been completed and the post -. construction conditions set forth in Section D of the agreement have been satisfied. Time is of the essence and interest will accrue beginning five (5) days after the date of acceptance by the Town. The interest rate on unpaid balances shall be Wachovia Bank's prime rate plus one percent interest compounded quarterly. 7. Pursuant to Section 14 -58 of the Town Utilities Ordinance, the Town will collect front footage fees from all property owners who are contiguous to the sewer line (including, without limitation, the Marvin Barnes gas station, the Marine Boat Sales lot, the Georgia Pacific property, the Economy Motel, the France /Staley property, and the Paliouris-property) and who tap on to the 18" gravity sewer line constructed by the Developer pursuant to this contract, and will refund such front footage fees collected to the Developer for a period of ten years after construction of the subject sewer line is completed. (In accordance with Section A -2 of Appendix A to Chapter 14, no front footage fees shall be collected from property owners within the project that is the subject of this agreement, nor from the Meadowlands.) The amount to be refunded shall be: a. For that segment of the 18" sewer line extending from the Elizabeth Brady Road pump station, under and to the south side of US Highway 70A, 26.25% of the front footage fees collected, provided that the total amount that the Town will refund to the Developer shall not exceed $60,000.00. b. For that segment of the 18" sewer line extending from the south side of US Highway 70A to the project property, all front footage fees collected, provided that the total amount that the Town will refund to the Developer shall not exceed $90,000.00. 8. The obligation of the Town to reimburse Developer as set forth above shall terminate at the expiration of ten (10) years from the date of completion of the improvements described herein, even if Developer has not been fully reimbursed. Developer understands that the amount of its reimbursement is contingent on the amount of front footage fees received over the above - described ten (10) year period, which is beyond the control of the Town. Developer agrees at the end of the above - described period to forgive or otherwise release any claim to any remaining reimbursement and will execute any documents to that effect presented by the Town. 9. The Town will make reimbursement payments on a quarterly basis, without interest. Any payment to Developer made pursuant to this contract shall be deemed paid when placed in the United owe]