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Council approves reimbursment and water banking agreements totaling about 36.6 acre-feet and nearly $1M in infrastructure reimbursement
Summary
The Council approved an amended reimbursement agreement with Phelon Lakeland LLC not to exceed $991,538 and water banking agreements with Layne (Lane) Downs for 19 acre-feet and Patterson Development LLC for 17.6 acre-feet, all approved unanimously.
On Jan. 13 the American Fork City Council approved an amended reimbursement agreement with Phelon Lakeland LLC for infrastructure improvements, authorizing up to $991,538 in reimbursements tied to system upgrades for the Lakeland Industrial Park development. The motion was moved by Council Member Staci Carroll and approved unanimously.
During the same action period the Council also approved two water banking agreements: one with Layne (Lane) Downs for 19 acre-feet and a revised agreement with Patterson Development LLC for 17.6 acre-feet. Council Member Ernie John moved the Layne Downs agreement; Council Member Ryan Hunter moved the Patterson revision. Both measures passed unanimously. These actions formalize commitments of water shares and financial reimbursements tied to development infrastructure.
