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HomeMy WebLinkAbout034-89 Ordinance Amended RECORD OF ORDINANCES National Graphics Corp.. COls., 0, Form No. 2806-A 34-89 (Amended) P assed_ _19_ _ Ordinance No. n____________m AN ORDINANCE TO AUTHORIZE MODIFICATION OF THE WATER FACILITIES AGREE- MENT AND PAYMENT TO PROFESSIONAL ACQUISITION CORPORATION WHEREAS, Dublin and Muirfield Ltd. entered into a water facilities agreement in 1979; and, WHEREAS, the City has collected water tap fees relating 1:0 water facility improvements built by or with the assistance of MuirfielJ Ltd.; and, WHEREAS, Professional Acquisition Corporation, an Ohio Corporation is the successor entity to Muirfield Ltd.; and, WHEREAS, it is Council's desire to ratify the modified water facilities agreement and to authorize payment thereunder to ProfessLonal Acquisition Corporation. NOW, THEREFORE, BE IT ORDAINED by the Council of the Citv of Dublin, State of Ohio, 6 of the elected members concurring that: Section 1. Council hereby ratifies the modified water facilities agreement attached hereto and further instructs the City Manager to) execute said agreement. Section 2. Council hereby authorizes payment pursuant to) the terms of the above-referenced agreement to Professional Acquisition Corporation in the amount of $93,848.00. Section 3. This Ordinance shall take effect and be in force from and after the earliest period allowed by law. Passed this 11th day of April , 1989. M~id~ Attest: J~~4 ~tf~ Clerk of Counci I ! 1 hereby certify that ca?ies of tnls Ord:n~m:e/Resolut:on w~re po.sted in th9 City of Dublln in atcordance w~th Sect:on 731.25 of the .~[o ReVised Code. J~~. ~ Clerk of CeundL ,1ll!~ t\bia WATER FACILITIES AGREEMENT (AMENDEDO THIS AGREEMENT, made and entered into the day of , 1989, by and between the CITY OF DUBLIN, OHIO, and Ohio municipal corporation herein- after called "Dublin", and PROFESSIONAL ACQUISITION CORPORATION, an Ohio corporation and successor to Muirfield Ltd. in the development of Muirfield Village, a residential and recreational development of approximately 1,600 acres in Dublin situated generally north of Brand Road and west of State Route #745, each of the said PROFESSIONAL ACQUISITION CORPORATION and its predecessor being hereinafter called the "Developer". WIT N E SSE T H: WHEREAS, Dublin and the Developer entered into a Water Facilities Agreement on June 5, 1979 (hereinafter called the "1979 Agreement") by which the Developer agreed to construct at its costs a booster pumping station, an ,~levated storage tank and related facilities (sometimes hereinafter collectively called the "New Water Facilities") and Dublin agreed, among other things, to reimburse the Developer for such costs, without interest, from funds received by Dublin as fees or other charges for water taps and service connections and deposited by Dublin in a special account for such purposes (hereinafter call1ed the "Northern Water Main Account"); and WHEREAS, the Developer has constructed at its costs all of the New Water Facilities except for an elevated storage tank or tanks with a maximum total capacity of 500,000 gallons to be located within Muirfield Village (hereinafter called the "Muirfield Village Storage Tank") which was to be constructed by the Developer at such time or times as Dublin's engineer determined the same was needed; and, WHEREAS, in addition to the New Water Facilities the Developer did construct for Dublin a sixteen-inch waterline (hereinafter called "Sixteen-inch Line) and Dublin is obligated to reimburse the Developer, without interest, for the costs incurred by the Developer in constructing the Sixteen-inch Line, such costs amount to $109,666.00; and, WHE REAS , Dublin has reimbursed the Developer for the costs of all of the New Water Facilities constructed by the Developer pursuant to the 1979 Agreement, but has not reimbursed the Developer for the costs incurred by the Developer in constructing for Dublin the Sixteen-inch Line; and, WHEREAS, Dublin has accumulated a sum in excess of $183,941.18 in the Northern Water Main Account (such sum being hereinafter called the "Excess Accmulation") from fees and other charges received by Dublin for water taps and service connections; and, WHE REAS , Dublin is presently constructing an elevated water storage tank having a capacity of 2,000,000 gallons in the vicinity of Brand and Av(~ry Roads (herein- after called the "New Storage Tank") and as a result thereof it will not be necessary for the Muirfield Village Storage Tank to be constructed; and, WHEREAS, the parties have agreed that, giving due consideration to the Excess Accumulation and that the Developer advanced for Dublin the Dev(~loper's funds in order to pay for the costs of the Sixteen-inch Line, the Developer's remaining obligation under the 1979 Agreement would be met by its advancing to Dublin $138,592.82 of the costs to Dublin of the New Storage Tank, said sum to be repaid by Dublin to the Developer, without interest, out of future fees and other charges received by Dublin for water taps and service connections; and . WHEREAS, the parties have also agreed that the cost to the Developer and the benefit to Dublin of the Developer's advance on behalf of Dublin of an additional $138,592.82 to be repaid by Dublin, without interest, as aforesaid, would be $15,818.00; and, WHE REAS , the parties believe that their mutual best interests would be served if Dublin keeps and retains the Excess Accumulation, if the Developer is relieved from any further duty or obligation under the 1979 Agreement and if Dublin reimburses the Developer for its costs of constructing the Sixteen-inch Line, less the cost to the Developer and benefit to Dublin of the Developer's advancing to Dublin an additional $138,592.82 to be reimbursed by Dublin, without interest, out of future fees and charges collected by Dublin for water taps and service connections; NOW, THEREFORE, in consideration of the foregoing and of the covenants and agreements hereinafter set forth, the parties hereto do hereby agree as follows: 1. The Developer hereby releases Dublin of and from any and all claims it may have to, or resulting from, any part of the Excess Accumulation. 2. Dublin hereby releases the Developer from any further duty or obligation to to construct the Muirfield Village Storage Tank or any other facilities pursuant to the 1979 Agreement. 3. Dublin hereby agrees to pay to the Developer in cash, within fifteen days following the date of this Agreement, the sum of $93,948.00, said sum being the Developer's un-reimbursed costs of constructing for Dublin the Sixteen-inch Line less the cost to the Developer and benefit to Dublin of the Developer's advance of an additional $138,592.82 '1:0 Dublin. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers as of the day and yea.r first above written. APPROVED AS TO FORM: THE CITY OF DUBLIN, OHIO ~~y 2,.:.q;;) (6tch.4 DIRECTOR CITY MANAGER & PROFESSIONAL ACQUISITION CORPORATION BY I