Ordinance authorizing a Water Arterial Transmission & Grid Main Construction and Reimbursement Agreement up to $252,720.00 with MPM Development, LP to construct a water arterial transmission & grid main related to King’s Landing Unit 12 subdivision located north of the Lady Alexa Dr. and Lady Claudia St. intersection; and authorizing future transfer and appropriation of Water and Wastewater Trust Fund revenue up to $252,720.00 to reimburse the developer in accordance with the agreement. (District 3).
Summary
This ordinance authorizes a Water Arterial Transmission & Grid Main Construction and Reimbursement Agreement with MPM Development, LP for up to $252,720.00. This agreement covers the construction of a water arterial transmission and grid main related to the King’s Landing Unit 12 subdivision, located north of the Lady Alexa Dr. and Lady Claudia St. intersection.
Key Details:
- Developer: MPM Development, LP
- Project: Construction of a 12-inch water line and related appurtenances.
- Location: King's Landing Unit 12 subdivision, north of Lady Alexa Dr. and Lady Claudia St.
- Maximum Reimbursement: $252,720.00 from the Water Arterial Transmission & Grid Main Trust Fund.
- Timeline: The developer has 24 months from City Council approval to complete construction.
- Funding Source: Future revenue from the Water and Wastewater Trust Fund, specifically lot and acreage fees.
- Agreement Term: 24 months from City Council approval.
The agreement also authorizes the future transfer and appropriation of Water and Wastewater Trust Fund revenue to reimburse the developer in accordance with the agreement. The project is consistent with the City’s Water Arterial Transmission and Grid Main Construction Standards.
This agreement facilitates the construction of essential water infrastructure for the King's Landing Unit 12 subdivision, supporting new residential development. Residents in this new subdivision will benefit from reliable water service, while the city is reimbursing the developer for a portion of the construction costs through existing trust funds.
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