Staff recommends approval of a resolution authorizing execution of an amendment to the gas service agreement with Edencay, Inc. for the development known as Majestic Oaks Landing.
On December 22, 2003, Edencay Inc. and the City of Leesburg entered into a Gas Service Agreement for the development known as Majestic Oaks Landing under which the developer was required to utilize natural gas from the City. The Agreement required that seven of the nine homes within the development use natural gas by the end of five (5) years from the date of the Agreement. However, due to economic conditions the developer has only developed three of the lots. All three use natural gas. The developer has requested a three year extension of the term of the Agreement to afford time to complete his development.
1. Approve the resolution authorizing execution of the amendment to the gas service agreement for Majestic Oaks Landing; or
2. Such alternative action as the Commission may deem appropriate.
Extension of the contract will lengthen the projected return on investment by three years.
Prepared by: _______JR_________
Attachments: Yes__X_ No ______
Advertised: ____Not Required ______
Attorney Review : Yes_ No ____
Reviewed by: Dept. Head ___JR___
Finance Dept. _____________JB___
Deputy C.M. ___________________
City Manager ___________________
Account No. _________________
Project No. ___________________
WF No. ______________________
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG AUTHORIZING THE MAYOR AND THE CITY CLERK TO EXECUTE AN AMENDMENT TO THE GAS SERVICE AGREEMENT WITH EDENCAY, INC. FOR THE DEVELOPMENT KNOWN AS MAJESTIC OAKS LANDING; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:
THAT the Mayor and City Clerk are hereby authorized to execute an amendment to the gas service agreement with Edencay Inc., whose address is 712 Newell Hill Rd., Leesburg Florida, for the purpose of providing natural gas service to Majestic Oaks Landing.
THAT this resolution shall become effective immediately.
PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the _8th day of _December, 2008