Vistas of C 1stP-CS 950306 VISTA/COPPELL REIMBURSEMENT OUTLINE
1. DESIGN OF LIFT STATION AND FORCE MAIN. Vista Partners
~"Vista") and rh~ ~'ty ~ ' " ' will
.... ~i~.= Coppeil, T=xas_~ .~._~ Ci=y;,
agree on the design o= an "ultimate" sewer lif~ s=ation (with
~.~ M~D: to be located ~as==
a capacity cf ~ n ~. , of Macarthur
Boulevard and north of Denton Creek on property owned by Vista
(the "Vista Lift S5ation") . Vista and the City will also
agree on the design of an "uiuimate", 12 inch force main tkat
will connect the Vista Lift Station to the DeForest Lift
Station (the "Vista Force Main")
2. AREA BENEFITTED BY THE LIFT STATION AND FORCE MAIN. Vista and
the City will agree on the area that will be benefitted {the
'~"Benefitted Area) by the Vista Lift Station and the Vista
Force Main. The Benefitted Area is estimated to include 505
acres; approximately 213 of which (42.18%) are owned by Vista.
3. COST OF LIFT STATION AND FORCE MAIN. Vista and the City will
agree on a total cost for the Visua Lift Station and Vista
Force Main (which Vista estimates will be $350,000).
4. CITY-IMPOSED ASSESSMENT. The City will assess the Benefitted
Area an amount per acre equal to the total cost of the Vista
Lift Station and the Vista Force Main divided by the
Benefitted Area (e.g. $350,000 divided by 505 acres or
approximately $693/acre). The City will collect this
assessment (the per-acre assessment multiplied times the
number of acres; the "Assessment) when land within the
Benefitted Area is platted.
'5. DEFOREST UPGRADES AT CITY EXPENSE. The City will be
responsible for all upgrades, if any, to the DeForest Lift
Station that may be necessitated by development within the
Benefitted Area.
6. VISTA'S ASSESSMENT. Vista's Assessment for the Vista Lift
Station and the Vista Force Main is estimated to be $147,630
($693/acre multiplied times 213 acres).
7. PHASE I PROJECT. Vista will fund the design and construction
of the Vista Force Main and the initial phase (with a capacity
of 1.0 MGD) of the Vista Lift Station {collectively, the
"Phase I Project). The design of the Phase I Project must be
approved by the City. The initial phase of the Vista Lift
Station (the "initial Lift Station) will consist of the
"ultimate" lift station box structure with a "knock-out"
ViS--A KEi.~L?~$EMENT AGREEMENT
ViS_-A1 V~ACi 3-£-~5 DRAFT Page
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divider wall and two p~,,.~ ........ ~ the Phase
.... ~ ~h~ ~imazed cost
i Pro~ect (the "Phase I Cost) is S250,O0C ;~n~,o,~O for
Vista Force Main and $150,000 for the initial Life
8. VISTA CREDIT/REIMBURSABLE.~.~ return for funding the ph~ ~ -_
Cost, Vista {and its successors and assigns wi'' be deemed to
have fully ere-paid 5he $147,630 Assessment c%herwise due
against its 213 acres in the Benefi55ed Area. In addition,
Vista shall be entitled tc reimbursement :i~he "Vista
Reimbursable) in an amoun5 ecual ~o ~ii} the amoun5 by which
~ '~" ~he amcun~ cf any
the Phase i Cost exceeds S147,6~u eius
Vista-Funded Shortfall ,'as defined below}.
9. CREATION OF SEGREGATED ACCOUNT. Assessments collected by zhe
City will be placed in segreganed account {the "Segreqated
Account, to De used solely for {i) upgrading the initza± Lif~
Station (i.e., removing the "knock-out" divider wall and
installing a third pump) and (ii) repaying the Vista
Reimbursable.
10. UPGRADE OF INITIAL LIFT STATION BY THIRD PARTIES. If a land
owner other than Vista desires to develop land in the
Benefitted Area and such development would exceed the capacity
of the Initial Lift Station, the City would use all funds then
in the Segregated Account to upgrade the initial Lift Station
and 'bhe City and/or the land owner would pay the amount, if
any, by which the cost of the upgrade exceeds the amount in
the Segregated Account (the "Upgrade Shortfall"). Such land
owner would be free to negotiate a reimbursement agreement
with the City; provided, however, such agreement would be
subordinate Eo the Vista Reimbursement.
ii. UPGRA/)E OF INITIAL LIFT STATION BY VISTA. If Vista desires to
develop land in the Benefitted Area and such development would
~f~ Station, the City
exceed the capacity of the Initial ~
would use all funds then in the Segregated Account to upgrade
the Initial Lift Station and Vista would pay the amount, if
any, by which the cost of the upgrade exceeds the amount in
the Segregated Account (the "Vista-Funded Shortfall). The
Vista-Funded Shortfall would be added to and become a part of
the Vista Reimbursable.
12. REPAYMENT OF THE VISTA REIMBURSABLE. The Vista Reimbursable
will be repaid from the Segregated Account to the extent the
balance in such account (including any Upgrade Shortfall)
exceeds the amount necessary to expand the Initial ~mf=
Station. When the Vista Reimbursable is repaid in full, funds
in the Segregated Account may be used to repay Land Owner
Shortfalls, or for any other purpose approved by the City.
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