This Amendment is to reflect an agreement that was made to reimburse SEDA for work as it relates to the water and sewer system upgrades which includes a new elevated water storage tank. In a previous agreement with SEDA the City agreed to reimburse SEDA $4,010,000 in a lump sum payment, and $4,060,000 that would be reimbursed to SEDA in the form of credits for water and sewer tap in fees. This was reimbursement for water and sewer infrastructure upgrades in SCMC that are going to benefit outside of SEDA’s development.

This resulted in a reimbursement over time where the new agreement (amendment 2) reflects a lump sum payment to SEDA by the City. The amount paid to SEDA will be $1,965,066. This is the balance of the remaining credits. Now, water resources will collect the tap in fees in under its standard procedures for the remaining industries in SCMC. The revenue collected is expected to be around $3.8 Million.

Approval