Water Credit Agreement Approved
A water credit agreement between the Town of Firestone and Blackburn Communities, LLC was approved during the Wednesday, September 28, Board of Trustees meeting. The Blackburn Communities, LLC project is a multi-family development south of Home Depot on Jake Jabs Boulevard, currently going through the planning process with the Town. During this process, a developer must show that they can fully satisfy the Town's water dedication requirements.
Town staff determined there is availability for Blackburn Communities, LLC to acquire 84 Native Water Credits from the Town. This agreement will allow the development to have water to satisfy the water dedication requirements needed for their development. Upon execution of the Agreement, Blackburn Communities, LLC will be obligated to pay the Town $3,700,000.00 no later than November 30, 2022, to use 84 Native Water Credits. All fees will be paid to the Town of Firestone Water Activity Enterprise fund.