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Otter Crossing 2nd Addition <br />Development Agreement <br />August 8, 2022 <br />iv. Street lighting installation (by utility company, developer to initiate) <br />v. Boulevard tree planting <br />vi. Street, storm sewer and pond maintenance <br />vii. 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 City will collect a cash fee of $2,520 per acre per platted lot in lieu of land <br />dedication for commercial development. These fees will be calculated on the <br />commercial lot areas of Lot 1 and Lot 2. <br />Otter Crossing 2nd Addition <br />Commercial Lot Acres = <br />2.3 <br />x Park Dedication Fee = <br />$2,520 <br />Subtotal = <br />$5,796.00 <br />Negative Balance from 1st Addition Trail Construction Credit= <br />($5,434.30) <br />TOTAL CASH FEE DUE _ <br />$361.70 <br />The negative balance from the 11t Addition trail construction costs is carried over <br />to the 2nd Addition final plat. <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 />page 7 <br />