TO: Honorable Mayor & Members of the North Port Commission
FROM: Jason Yarborough, ICMA-CM, Deputy City Manager
TITLE: Approve the Third Amendment to the City of North Port, Florida and Sabal Trace Development Partners, LLC. Water and Wastewater System Developer's Agreement
Recommended Action
Approve the Third Amendment to the City of North Port, Florida and Sabal Trace Development Partners, LLC. Water and Wastewater System Developer's Agreement
Background Information
The City of North Port, Florida, and Sabal Trace Development Partners, LLC. entered into a Water and Wastewater System Developer's Agreement on July 23, 2019, recorded in official records as instrument # 2019101511. Subsequent amendments, including the First Amendment (effective June 9, 2020) and the Second Amendment (effective October 12, 2021), have been made to the original agreement.
Since the approval of the Second Amendment, the developer has continued pushing this project forward on their end, however, due to continued effects of the COVID-19 pandemic, natural disasters, and other unforeseen setbacks they are experiencing additional delays. The developer desires to revise the schedule outlined in Section 20.3 so that developer's initial payment shall be on or before January 1, 2025, with subsequent annual payments being due on that date each year thereafter through 2028. The extended deadlines for capacity fee payments provide the developer with extra time to meet its obligations, accommodating challenges in the development process and ensuring smoother project progress. A written notice of total dollar amounts due is to be sent by the City to the developer at least 30 days prior to the due date.
This Amendment has been reviewed by Legal as to form and correctness.
Strategic Plan
Infrastructure & Facilities
Financial Impact
There will be a delay in receiving $288,162 in water and wastewater capacity fees for one year, which effectively delays the guaranteed revenue charges...
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