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Northpointe 7th Addition <br />Development Agreement <br />May 14th, 2018 <br /> page 6 <br />Subdivision including, but not limited to, the following (See Exhibit C for <br />breakdown of costs): <br />i. Administration - 3% of Developer and City Improvement Costs <br />ii. City Engineering <br />iii. Street lighting installation (by utility company) <br />iv. Traffic signing improvements <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 1 st, <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 upon notice to the Developer, with suitable <br />documentation supporting the 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 C for <br />breakdown of costs): <br />a. Park Dedication <br />The Park Dedication Fee for this site is calculated as follows: <br />28 units x $3,000 per unit = $84,000 <br /> Credit for park water service = $4,725 <br />$84,000 - $4,725 = $79,275 Total Due <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 $7/month/light. After <br />that the City will assume the costs. <br />c. Sealcoating. The Developer will pay the cost of sealcoating the streets within <br />the development at a cost of $9,936. The sealcoating will be completed within <br />three to seven years following completion of the wear course placement.