09-26-2016 Council Packet - Laserfiche WebLink

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Clearwater Creek Business Park Development Agreement September 26, 2016 page 6 Developer evidencing the termination of this Agreement of record at any time after the warranty period Section 11 describes expires. 15. Escrow for City’s Costs. a. The Developer agrees to establish a non-interest bearing escrow account with the City in an amount reasonably determined by the City Administrator or his designee for the payment of all costs incurred by the City related to the development of the Subdivision including, but not limited to, the following (See Exhibit C for breakdown of costs): i. Administration - 3% of Developer Improvement Costs ii. City Engineering iii. Street lighting installation (by utility company) b. If the above escrow amounts are insufficient, the Developer shall make such additional deposits as required by the City; provided City provides Developer with an itemized statement evidencing such costs. The City shall have a right to reimburse itself from the Escrow upon notice to the Developer, with suitable documentation supporting the charges. 16. Developer Fees. At the time of execution of this Agreement, the Developer shall pay the following fees related to the development of the Subdivision (See Exhibit C for breakdown of costs): a. Park Dedication The Park Dedication Fee for this site is calculated as follows: 27.9 acres x $2,175 per acre = $60,574.00 b. Sealcoating. The Developer will pay the cost of sealcoating the streets within the development at a cost of $31,185. The sealcoating will be completed by the City within three to seven years following completion of the wear course placement. c. [INTENTIONALLY OMITTED] d. Aerial Photo Fees e. 35E Corridor Alternative Urban Areawide Review (AUAR) Fee. The subject site is located within the I-35E Corridor AUAR study area that was completed in 2005 and updated in 2010 and 2015. The AUAR fee is calculated at 27.9 acres x $279 = $7,784.10.