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Watermark 3rd Addition <br />Development Agreement <br />May 11, 2020 <br /> page 7 <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 />All park dedication fees will be collected with phase 3A. Park dedication <br />fees will be credited for the private park land platted as Watermark, <br />Outlot K and Outlot I. Per the Master Developer Agreement (MDA), the <br />park dedication fees are based on an appraisal of fair market value. An <br />appraisal was prepared in December 2018 by Insight Realty Advisors, Inc. <br />The credited value of Outlot K, Watermark is $32,000 and Outlot I, <br />Watermark is $33,000. <br />The tot lot, play equipment and associated landscaping on Outlot I, <br />Watermark shall be completed by August 30, 2021. Per Resolution No. <br />16-51, credit will not be given for theses private park improvements. <br /> Park dedication fees will also be credited for trail construction costs. <br /> The Park Dedication Fee for this site is calculated as follows: <br />Watermark 3rd Addition <br />Total # Units = 175 <br />x Park Dedication Fee $3,150 <br />= Cash in Lieu Value $551,250 <br />- Land dedication value (Outlot K, Watermark) ($32,000) <br />- Land dedication value (Outlot I, Watermark) ($33,000) <br />- Trail Construction Costs ($39,000) <br />TOTAL CASH FEE DUE = $447,250 <br /> <br />b. The Developer shall pay 15 months of maintenance and energy costs for street <br />lights installed within the Subject Property at the rate of $8/month/light. After <br />that the City will assume the costs.