08-08-2022 City Council Packet - Laserfiche WebLink

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Watermark 5" Addition Development Agreement August 8, 2022 Subdivision including, but not limited to, the following (See Exhibit B for breakdown of costs): i. Planning/ Review ii. Administration - 3% of Developer Improvement Costs iii. City Engineering and Legal iv. Street lighting installation (by utility company, developer to initiate) v. Street, storm sewer and pond maintenance vi. Property Taxes. Should the recording of the Final Plat occur after July 1st, any and all property taxes on any public property dedicated as a part of this plat shall be the responsibility of the Developer. b. If the above escrow amounts are insufficient, the Developer shall make such additional deposits as required by the City. The City shall have a right to reimburse itself from the Escrow with suitable documentation supporting the charges. 15. Developer Fees. At the time of execution of this Agreement, the Developer shall pay the following fees related to the development of the Subdivision (See Exhibit B for breakdown of costs): a. Park Dedication As approved with Resolution No. 16-51, the City will require the following combination of land dedication and cash in lieu of land dedications: Land dedication for the public and private parks will be credited from the total payment in lieu. Costs for public park improvements and trail construction will be credited from the total payment in lieu. Improvements to the private parks and recreational center will not be credited from the total payment in lieu. An 8.5 ft wide bituminous trail will be constructed 250 If over Outlot G from the public park to Norway Lane. A Permanent Trail Easement over Outlot G is required. Trail construction costs will be credited. Lot 1, Block 3, Watermark 4t" Addition was platted for the future construction of the HOA clubhouse. Per the Master Development Agreement, the developer shall construct a private club house for the use of the residents of the page 7