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Council approves water banking and reimbursement agreements for industrial park and private shares
Summary
Council approved an amended reimbursement agreement with Phelon Lakeland LLC (not to exceed $991,538) and two water banking agreements—19 acre-feet from Layne Downs and 17.6 acre-feet from Patterson Development LLC—each approved unanimously.
Council considered and approved an amended reimbursement agreement with Phelon Lakeland LLC to fund system improvements in conjunction with the Lakeland Industrial Park Development with a not-to-exceed amount of $991,538. Council members discussed timing and the typical structure of such agreements.
On separate motions, the Council authorized a water banking agreement to acquire 19 acre-feet of water shares from Layne Downs and approved an amended water banking agreement for 17.6 acre-feet with Patterson Development LLC. Each motion passed unanimously. These water banking actions are intended to secure water rights to support development and city utilities.
