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RESOLUTION R-1718-59: A RESOLUTION OF THE NORMAN UTILITIES AUTHORITY APPROPRIATING $15,419 FROM THE WASTEWATER FUND BALANCE TO ALLOW FOR THE RETURN OF COLLECTED PAYBACK FEES TO INVESTORS FOR THE POST OAK LIFT STATION PAYBACK PROJECT AND AUTHORIZING PAYMENT TO THE LINKS OF NORMAN, A LIMITED PARTNERSHIP.
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BACKGROUND: The City Council approved Resolution R-0809-133 on April 14, 2009 declaring the Post Oak Lift Station improvements as a payback project and approved Resolution R-1011-74 (attached) on January 25, 2011 declaring the final costs for the Post Oak Lift Station payback project. These actions enable the investors in the payback project to recover their costs from property owners benefiting from the project.
In addition, the Norman Utilities Authority and the Investors entered into agreement K-0809-128 (attached) for the Post Oak Lift Station Payback Project. The parcels subject to payback, as of January 2012, are shown on the map included with Resolution R-1011-74. Parcels 1, 2 and 3 participated financially in the project and have been released from the payback requirements.
In accordance with these agreements, property owners benefiting from the projects are required to payback their share of the project cost as their parcels are developed; Parcels 4 through 7 are subject to payback when connecting to the lift station. The amount of payback collected is based on the acreage of the land developed, the land use, and the estimated wastewater flow. In accordance with the agreements, the City collects a 2% fee for administering the collection and distribution of the payback fees. Payback funds are deposited in the Wastewater Recoupment revenue account (032-0000-366.12-54) prior to disbursement to the Investor.
DISCUSSION: As shown on Attachment 1, Parcels 1, 2 and 3 paid their share of the project costs at inception and have been released from payback. The developer of Parcel 1 contributed additional funding of $123,611 that is the subject of t...
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