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RESOLUTION APPROVING SECOND CREEK AMENDMENT TO AGREEMENT FOR REIMBURSEMENT OF COSTS WITH EAGLE CREEK METROPOLITAN DISTRICT
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Summary and Background Information:
• The City and the District entered into an agreement on September 22, 1997 providing for the District to reimburse the City for a portion of the cost to install water and sewer mains to CASI and the Eagle Creek Subdivision.
• The City and the District agreed to share the cost of the stone fence along Highway 2 and, in the future, $120,000 for the cost of the landscaping along Highway 2 when the highway is widened.
• The first amendment for reimbursement of costs was to provide for the District’s reimbursement for the stone fence to the City and to pay interest on the outstanding principal amount.
• This second amendment allows for the final payment date to be moved from December 2018 to December 2021.
• Request letter from Eagle Creek Metro District proposing the amendment to the maturity date is attached for your review.
Staff Responsible (Department Head): Sheryl Carstens
Financial Impact: None for this action
Funding Source: N/A
Staff Recommendation: Staff supports the request and recommends approval of the amendment