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Belland Farms <br />Development Agreement <br />January 10, 2022 <br />viii. 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 />16. 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 B for <br />breakdown of costs): <br />a. Park Dedication <br />The Park Dedication Fee for this site is calculated as follows: <br />3.73 acres x $2,520 per acre = $9,400.00 <br />The Developer shall receive credit for construction of the bituminous trail. The <br />estimated trail cost is $13,232.00. The park dedication fee will be credited in the <br />amount of $9,400.00. Construction costs in excess of this amount shall be reimbursed by <br />the City upon completion of the trail, City inspection and approval of the trail, and <br />submittal of evidence by the Developer, acceptable to the City, that it has paid all <br />contractors for construction costs related to the trail. <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. <br />c. GIS Mapping Fees <br />d. Trunk Sewer Connection Fees <br />The City established trunk utility connection fees to uniformly distribute the <br />costs of public trunk sanitary sewer infrastructure. The Trunk Utility Connection <br />Fee consists of two components; a Trunk Charge and an Availability Charge. <br />Trunk Charge <br />The trunk charge shall be paid at the time of subdivision approval or at the time of <br />hook-up, whichever is first. Commercial/Industrial/Institutional (CII) trunk charges <br />are based on a factor of 2.92 units per acre. <br />page 7 <br />