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Memorandum of Understanding Between the Town of Plymouth and Plymouth Rock Studios. October 22, 2008. GENERAL PROVISIONS. Two Party Agreement Separate agreement to bind current owner
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Memorandum of UnderstandingBetween the Town of Plymouth and Plymouth Rock Studios October 22, 2008
GENERAL PROVISIONS • Two Party Agreement • Separate agreement to bind current owner • Amendments require majority of Selectmen following with public notice to abutters (300’) and an advisory recommendation by the Planning Board
GENERAL PROVISIONSContinued • MOU is effective upon execution • PRS/Town will provide any necessary easements • MOU provides for PILOT provision – only non-profit Educational/Research uses within the 200,000 sq ft educational campus are exempt • MOU is binding on future owners
GENERAL PROVISIONSContinued • Amendments may be necessary due to changed circumstances, financially or as a result of project phasing • MOU prioritizes infrastructure (1) Access (2) Sewer (3) Energy needs (4) Water (5) Re-use line (6)Decommissioning of wells
INFRASTRUCTUREWastewater • PRS to conduct sewer study • PRS to design, permit and construct sewer extension to site and school property along preferred route • If I-Cubed funds are available, PRS agrees to decommission school plant • PRS to resurface streets impacted by sewer extension
INFRASTRUCTUREWater Supply • PRS to conduct a hydraulic study • PRS to either convert existing well and connect to schools or utilize other options including Bradford Zone or 200 Acre site well • PRS will design and locate a water tank at site deemed appropriate by Town and School Committee
INFRASTRUCTURETransportation • PRS will undertake traffic improvements and mitigation as may be included in the MOU, I-Cubed and the Planning Board • Clark Road will serve as the primary access to the project with Long Pond Road secondary and gated.
INFRASTRUCTURETransportation / School Access • PRS to reimburse the Town for details or traffic control necessary for public safety at access roads, Clark Road and Long Pond Road • PRS to design access road to include security lighting, emergency call boxes and traffic calming • MOU provides for exploration of direct highway access connected to Town / State
TOWN SERVICES • MOU identifies service areas impacted by development • PRS will pay Town service costs through the MOU, TIF, special permit process, the MEPOD and I-Cubed. • PRS will pay the Town for Inspectional costs
TOWN SERVICESContinued • PRS will pay the Town for fire inspections or fire watch activities as may be required • PRS will pay the Town $1.4 million dollars for the acquisition of an aerial tower truck, or for the mitigation of public safety impacts (Pinehills improvements etc) • PRS will reimburse the Town for future legal and consulting services associated with permits and approvals related to the project
OTHER MATTERS • PRS to make available to the Plymouth Public Schools a classroom at the Educational Campus • Town / PRS to study nitrogen loading and PRS shall implement necessary measures • If natural gas line is to be installed, it will need to be adequate to accommodate current and future school needs
OTHER MATTERSContinued • PRS to fund the Municipal Liquidity Reserve as required in I-Cubed and provide the Town with necessary proof of funding at the amount required in the I-Cubed legislation • In the event that new state tax revenues are not sufficient to pay debt service on the bonds issued under I-Cubed, resulting in a shortfall, PRS will hold the Town harmless for 80% of such shortfall, however, that PRS will assume additional liability for the shortfall if infrastructure actually approved under I-Cubed is of lesser benefit to the Town
OTHER MATTERSContinued • Town will recover its 20% liability through a reduction in TIF exemption, provided that if the Town cannot recover its 20% through the TIF, PRS will pay the difference to the Town • PRS will make a PILOT payment to the Town in the event the total taxes collected is below $1,235,000 in yr 1, $1,435,000 in yr 2 and $1,635,000 in yr 3 and successive years with a 3.5% annual adjustment
OTHER MATTERSContinued • If needed, Selectmen support conveyance of 89 acres of land for conservation / open space • Selectmen will waive their right of first refusal under 61B if PRS acquires the site and moves forward with approvals under I-Cubed • Selectmen agree to waive the sewer connection fees