Commission Meeting Agenda Item
Agenda Item Title
Consideration to accept late payment for the Water, Sewer and Reuse Utility Agreement for Lady Lake Square Apartments executed June 6, 2022 ― Major Site Plan MJSP 10/21-001 ― A Request for Utilities Capacity Reservation of 119 Water ERUs, 119 Sewer ERUs and 29 Reuse ERUs for an approved 288-unit Apartment Complex Project, property being approximately 24 acres of land, located at the southwest corner of County Road 25 and Griffin Avenue, identified by Alternate Key Number 3302494.
Agenda Item ID
Staff Recommended Motion
Staff recommends approval of the acceptance of late payment for the Water, Sewer and Reuse Utility Agreement for the Lady Lake Square Apartments originally executed on June 6, 2022.
On June 6, 2022, Lady Lake Square LLC entered into a Water and Sewer Agreement with the Town of Lady Lake for the reservation of 119 Sanitary Sewer ERUs, 119 Water ERUs, and 29 Reuse Water ERUs, amounting to a total of $570,491. According to Section 10 of the agreement, referenced as “Other Essential Terms”, under subsection h. the “Developer shall pay all amounts required under this agreement within 30 days after the Town of Lady Lake executes this agreement.”
Following the execution of the agreement by both parties, Lady Lake Square LLC failed to remit payment in the amount of $570,491 within the 30-day period; subsequently, the developer has not paid any amount to date to reserve capacity for the requested utilities.
Section 10, subsection h. closes with the following, “Should Developer fail to pay all amounts required under this agreement within 30 days after the Town of Lady Lake executed this agreement, the Town, in its sole discretion may rescind and void this agreement in its entirety.”
Since that time there has been no adjustment to the utility impact fee schedule of the Town of Lady Lake, nor have the reservation capacities requested by the developer been modified. Given that the Town has yet to formally rescind and void the agreement, the agreement, and all terms and conditions therein, is deemed valid and enforceable should the Town Commission be willing to accept late payment in the amount of $570,491 for the reservation of utilities capacity at this time.
The agreement was reviewed by the Town Attorney, Derek Schroth and Town Staff and determined correct in form for consideration and approval by the Town Commission prior to its presentation before the Town Commission at the June 6, 2022 meeting.
At the June 6, 2022 meeting, the Town Commission approved the Water, Sewer and Reuse Utility Agreement for Lady Lake Square Apartments on the consent agenda as presented.
$570,491 will be credited toward the respective capital improvement funds for water and sewer utilities.
Source of Funding