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Council adopts latecomer contracts for Lakemont plat for streets and utilities
Summary
Council adopted two resolutions approving latecomer contracts for Lakemont major plat street and water/sewer improvements; reimbursements will be paid to the developer for future benefiting parcels with 15-year reimbursement period for streets and 20 years for utilities.
The council adopted two resolutions approving latecomer contracts to reimburse a developer that has installed street and utility improvements for the Lakemont major plat. Capital improvements project staff explained the contracts cover Southeast Lake Drive and Burke Drive, where parcels will benefit from developer-installed street improvements and water and sewer utilities. Staff said the contracts allow the developer to be reimbursed as future development occurs on benefiting parcels. During council discussion, members asked about the length of reimbursement periods; staff confirmed the street reimbursement period is 15 years and the water and sewer reimbursement period is 20 years. The council adopted Resolution 4022 (water and sewer) and Resolution 4023 (streets) unanimously. Staff will administer the latecomer process and collect reimbursements from future developers of benefiting parcels according to the terms in the adopted resolutions.
