Sec. 754.307. - Agreement Terms.

Prior to or contemporaneously with the transfer of Water Quality Compensatory Credits pursuant to this Part, a developer shall agree via a agreement in a City approved form to: (1) Adhere to the terms and conditions of the City Stormwater Permit; (2) Provide for an option for the City to buy back the credits sold if they are not used within five years at the original price they were sold to the developer; and (3) Adhere to any other terms as determined by the Public Works Director to protect the City's interests under the City Stormwater Permit. The Mayor, or designee, and the Corporation Secretary are authorized to execute the agreements required pursuant to this Section. (Ord. 2020-628-E , § 1)