1982-060 - Laserfiche WebLink

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(2) The County shall have the right to purchase the Corporations's sewer plant at Corporation's original construction costs plus costs associated with capital addi- tions and expansions to the system less 3 1/2 percent depreci- ation per year or, in the alternative, Corporation's original construction costs plus costs associated with capital addi- tions and expansions less Corporation's actual depreciation of said plant during the seven (7) year period, at the County's option. In conjunction with the sewer plants' purchase, County shall purchase necessary land areas upon which the plant is located at the then market value of the real estate. Upon acquisition of the sewer plant and appurtenant real estate, County would then own the entire sewer system and would terminate this franchise and provide sewer utility service to the franchise territory. All accumulated escrow fees would vest in County. As regards the purchase of the necessary land areas upon which the plant is located, County shall first tender its offer to the Corporation. In the event the Corporation finds the offer inadequate, County and Corporation shall each select an appraiser to advise the respective parties as to the value of said land areas. In the event, after appraisal, County and Corporation are still unable to agree, said appraisors shall select a third appraiser to arbitrate the matter. The matter shall then be resolved in accordance with the Florida Arbitration Code. The decision reached in the arbitration process shall. be final and binding on the respective parties. The Corporation agrees to grant to County any easements necessary to connect the franchise's sewerage system to the County's sewerage system without charge. (3) In the event that the above condition (2) is not exercised by the County within seven (7) years from the date of this franchise agreement, any sums of money remaining in the escrow account shall become the absolute -13-