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<br />{00149157 12} 20. <br />CSAH 54 ROW (5.46) (237,837.60) <br />Public Park (5.46) (237,837.60) <br />Lake (22.01) (958,755.6) <br />Total Net Developable <br />Acres 302.99 13,198,244 <br />1Includes mitigation <br />2 WMC and WCA Upland Buffer from 02/22/2016 Replacement Plan <br /> <br />The amount payable shall be $2,134,157.10 based on 280.15 acres of Single Family <br />residential land at $6,865.00 per acre and 22.84 acres of multi-family residential land at <br />$9,235.00 per acre. <br /> <br />A credit to Developer will be allowed by the City for upsizing of storm sewer from <br />Outlot E to Outlot K to serve other properties as reasonably determined by the City <br />Engineer in consultation with Developer’s engineer. <br /> <br />Developer shall pay that portion of the total Surface Water Management Fee for the <br />overall development, as specified in the Development Agreement for the 1st Addition, at <br />the time of final plat approval of the 1st Addition. Developer shall also pay the Surface <br />Water Management Fee for any other additions that have received final plat approval <br />prior to the City levying the assessment provided under this Section. <br /> <br />As additional security for payment of the balance of the Surface Water Management Fee <br />for the Project, the City shall, upon award of the Peltier Lake outlet contract referenced in <br />Section 5.1 hereof, assess under Minnesota Statutes Chapter 429 the balance of the <br />Surface Water Management Fee against the properties as to which the Surface Water <br />Management Fee has not then been paid (Developer’s Property except the 1st Addition <br />and the entirety of Owner’s Property, as described on Exhibit H). The assessment shall be <br />for a 10 year term at an interest rate of 1 ½% over the City’s interest rate on the bonds <br />funding the Peltier Lake outlet contract. The parties shall cooperate in allocation of the <br />assessments. Developer shall also post a letter of credit for the principal balance of the <br />above-described assessments levied against Developer’s Property. Likewise, Owner <br />shall post a letter of credit for the principal balance of the assessments levied against <br />Owner’s Property. The letters of credit shall remain in force until the Surface Water <br />Management Fee is fully paid. <br /> <br />When phases beyond the 1st Addition are final platted, the Developer shall pay all <br />outstanding assessments on the future phase property, and the letter of credit referenced <br />above shall be reduced accordingly. <br /> <br />As Developer acquires portions of the Owner’s property in the future, the City agrees to <br />accept a substitute letter of credit from the Developer, and release or reduce the letter of <br />credit from the Owner pertinent to that property acquired by Developer. <br /> <br />The Developer and Owner, each on their own behalf, and on behalf of future owners, <br />hereby waive any and all procedural or substantive objections, under Chapter 429 or