Title
Consider a resolution authorizing the Mayor to execute a Cost Participation Agreement with Avery Centre DevCo, Inc. regarding the construction of a waterline within the proposed Seton Parkway extension.
Body
The City and Avery Center DevCo, Inc.(Avery) have previously entered in an agreement that required the Avery's and others to construct a 16 and 12 inch waterline within the future Seton Parkway right-of-way. The City is in the process of constructing the extension of Seton Parkway; therefore, it is cost-effective to move forward with the construction of the waterline simultaneously with the construction of Seton Parkway. Seton Parkway will extend from Avery-Nelson Boulevard north to the existing City waterline currently located within Seton Parkway.
Avery's agree to pay the City the sum of $100,000 within 45 days of executing this agreement as a partial payment for the cost of the design and construction of the waterline. The Avery's will pay the balance of the design and construction amount for the waterline out of the net proceeds of the sale of any properties that are part of the 346 acres of land the Avery's owns, or before the third anniversary of the City's execution of this Agreement, whichever occurs earliest. The total design and construction costs are currently estimated at $343,716. The Avery's agree that the City will have no obligation to serve any of the Avery property with water from the waterline until the remaining balance ($343,716 minus $246,716) has been paid in full.
Recommended Action
Staff recommends approval.