HomeMy WebLinkAbout#03 - WAC Prepayment AgreementSTAFF REPORT
DATE: November 1, 2022
CONSENT AGENDA ITEM: First Amendment to WAC Prepayment Agreement
TO: Mayor and City Council SUBMITTED BY: Kristina Handt, City Administrator
BACKGROUND: In 2014 the City entered into a WAC Prepayment Agreement with EN Properties LLC. The annual $50,000 payments were made in years 2015-2021. In July 2022, Terry Emerson, representing EN Properties LLC, sent a letter to the city requesting “that the city suspend or cancel current and future prepaid WAC payments”
The Council discussed the amendment at their October 11, 2022 work session and directed that it be placed on the agenda for approval after signature by EN Properties. ISSUE BEFORE COUNCIL: Should the Council amend the Prepayment WAC Agreement with EN Properties? PROPOSAL DETAILS/ANALYSIS: A copy of the signed First Amendment is included in your packet. Once executed and recorded
against the property, the city will release the letter of credit and return $2,000 to EN properties.
FISCAL IMPACT: $2,000 will be refunded from the water fund with 116 prepaid WAC credits applied to the property for future development.
OPTIONS: 1) Approve the First Amendment to the WAC Prepayment Agreement 2) Amend and then Approve the First Amendment to the WAC Prepayment Agreement 3) Do not approve an amendment to the WAC Prepayment Agreement
RECOMMENDATION: Per direction at the work session, if removed from the consent agenda: “Motion to approve the First Amendment to the WAC Prepayment Agreement with EN Properties.” ATTACHMENT:
• First Amendment