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Watermark 4th Addition <br />Development Agreement <br />April 12, 2021 <br /> page 7 <br />ii. Administration - 3% of Developer Improvement Costs <br />iii. City Engineering and Legal <br />iv. Street lighting installation (by utility company, developer to initiate) <br />v. Street, storm sewer and pond maintenance <br />vi. Property Taxes. Should the recording of the Final Plat occur after July 1st, <br />any and all property taxes on any public property dedicated as a part of <br />this plat shall be the responsibility of the Developer. <br />b. If the above escrow amounts are insufficient, the Developer shall make such <br />additional deposits as required by the City. The City shall have a right to <br />reimburse itself from the Escrow with suitable documentation supporting the <br />charges. <br />15. Developer Fees. At the time of execution of this Agreement, the Developer shall pay <br />the following fees related to the development of the Subdivision (See Exhibit C for <br />breakdown of costs): <br />a. Park Dedication <br />Park dedication fees will be credited for trail construction costs and the 5.39 acre <br />Public Park located in the Watermark 4th Addition, and deeded to the City per <br />the Master Developer Agreement (MDA). As required by the MDA, the parkland <br />dedication fees are based on an appraisal of fair market value. An appraisal was <br />prepared in December 2018 by Insight Realty Advisors, Inc. The credited value of <br />the Public Park is $207,000. The public park will be developed by City consistent <br />with the approved Master Plan. <br />Lot 1, Block 3, Watermark 4th Addition is being platted for the future <br />construction of the HOA clubhouse. Per the Master Development Agreement, <br />the developer shall construct a private club house for the use of the residents of <br />the Development once final plat approval for 518 lots has been granted by the <br />City. With the approval of the 4th addition final plat, there will be 516 approved <br />lots. <br />Per the Watermark 3rd Addition Development Agreement, the townhome tot <br />lot, play equipment and associated landscaping on Outlot I, Watermark shall be <br />completed by August 30, 2021. Per Resolution No. 16-51, credit will not be given <br />for theses private park improvements. <br />The following is a summary of the land dedication and fees: