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r <br />APR. 6 1983 <br />aoa 3 FcGE <br />construction charges shall become the absolute property of the <br />County and the.Corporation shall have no rights thereto. In <br />such event, the Corporation shall be absolved from the <br />obligation of payment of further connection. charges to the: <br />30 <br />County. In the event the above condition is not met by the <br />County within seven (7) years from the date of this Franchise <br />Agreement, the County shall have the following options: <br />(1) Extend this Franchise with all escrowed monies paid <br />to the Corporation and further escrows discontinued; or <br />(2) The County shall have the right to purchase the <br />Corporation's sewer plant at Corporation's original construction <br />costs plus costs associated with capital additions and <br />expansions to the systems less 3 1/2 % depreciation per year. <br />Depreciation on the system shall be calculated to start at the <br />time the County issues a letter acknowledging the, construction <br />of the sewerage system as provided in Section 6.,In conjunction <br />with the sewer plant(s)' purchase, the County shall purchase <br />necessary land areas upon which the plant(s) are located at the <br />then fair market value of the real estate. Upon acquisition of <br />the sewer plant(s) and appurtenant real estate, County would <br />then own the entire sewer system and would terminate this <br />franchise "and provide sewer utility service to the franchise <br />territory. All accumulated escrow fees would vest in County. <br />As regards the purchase of the necessary land areas upon <br />which the,piants are located, County shall first tender its <br />offer to the Corporation. In the event the Corporation finds <br />the offer inadequate, County and Corporation shall each select <br />an appraiser to advise the respective parties as tb the value of <br />said land areas. In the event, after appraisal, County and <br />corporation are still unable to agree, said appraisors <br />select a third appraiser to arbitrate.the matter. The matter <br />shall then be resolved in accordance with the Florida <br />Arbitration Code. The decision reached in the arbitration <br />process shall be final and binding on the respective parties. <br />(3) In the event that the above condition (2) is not <br />exercised by the County within seven (7) years from the date of <br />-14- <br />M <br />