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Watermark 6th Addition <br />Development Agreement <br />July 24, 2023 <br />page 7 <br />a.The Developer agrees to establish a non-interest bearing escrow account with <br />the City in an amount determined by the City Administrator or their designee for <br />the payment of all costs incurred by the City related to the development of the <br />Subdivision including, but not limited to, the following (See Exhibit B for <br />breakdown of costs): <br />i.Planning/ Review <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.Boulevard tree planting. Not Applicable, Lennar to install <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 Park Dedication Fee for this site is calculated as follows: <br />Watermark 6th Addition <br />Total # Units = 48 <br />x Park Dedication Fee $3,300 <br />= Cash in Lieu Value $158,400