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Memorandum of Understanding Between the Town of Plymouth and Plymouth Rock Studios

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 Understanding Between the Town of Plymouth and Plymouth Rock Studios

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  1. Memorandum of UnderstandingBetween the Town of Plymouth and Plymouth Rock Studios October 22, 2008

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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.

  8. 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

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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

  14. 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

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