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3 529986v2 JSB TW185-2 (b) The cost of the City Utilities, which is currently estimated to be approximately $3,200,000, will be determined at the time the County issues a Notice of Intent to Award a Contract for the Mass Grading and the Public Improvements as set forth in Section 4.3 of the MDA (the “City Utilities Cost”). (c) The County agrees that it will pay or finance the City Utilities Cost provided that in consideration of the County undertaking construction and financing of the City Utilities, the City shall, on the date the County issues a Notice of Intent to Award a Contract for the Mass Grading and the Public Improvements as set forth in Section 4.3 of the MDA, issue its General Obligation Utility Revenue Note in substantially the form set forth in Exhibit B attached hereto (the “Note”) in a principal amount equal to the City Utilities Cost. The Note will bear interest from its date of issuance at a rate per annum equal to 4.00%. (d) In accordance with Section 3.7.2 of the JPA, the Note will be payable from a water access charge in the amount of $1,000.00 per unit (“City WAC”) and a sewer access charge in the amount of $650.00 per unit (“City SAC”) which shall be collected by the JDA as provided in each Vertical Developer’s Agreement and transmitted by the JDA to the County on behalf of the City. No payments of principal of or accrued interest on the Note shall be due and payable to the County except to the extent of City SAC and City WAC payments as and when received; provided, however, that all outstanding principal of and accrued interest on the Note shall be due and payable by the City on December 31, 2037 notwithstanding the amount of City SAC and City WAC payments received. (e) Notwithstanding the fact that there are no sewer access charges due and payable to the Metropolitan Council with respect to the TCAAP Site, for purposes of calculating the City SAC and City WAC charges due for each vertical development, the JDA shall require each Vertical Developer to seek a determination letter from the Metropolitan Council establishing the number of SAC units anticipated to be created following development. The JDA shall assess the same number of City WAC charges against such development. Single family residences shall be treated as one City SAC and City WAC charge. 6. Water Tower Acquisition, Construction, and Maintenance. (a) The Parties acknowledge that, given the level of anticipated development on the Site, an approximately _________ gallon water tower to serve the properties being developed (the “Water Tower”), to be located on Parcel Block ____ on the property legally described in Exhibit C (the “Water Tower Property”), will be required in the future. In order to allocate the costs of such future Water Tower, the parties wish to enter into a petition and waiver agreement (the “Petition and Waiver”) substantially in the general form of the Petition and Wavier attached hereto as Exhibit D. (b) The County, as the sole owner of the TCAAP site, shall immediately petition the City for the future construction of the Water Tower. The present-day value of the anticipated cost of construction is $5,000,000.00 plus $200,000.00 for land acquisition costs (as adjusted as provided herein, the “Assessment Amount”). The cost of construction shall be indexed according to the terms of the Petition and Waiver. Further, in the event that the actual cost of constructing the Water Tower improvements, based on competitive bids, exceeds