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Watermark 8th Addition <br />Development Agreement <br />September 9, 2024 <br /> page 7 <br />15. Escrow for City’s Costs. <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 [CITY] Improvement Costs <br />iii. City Engineering and Legal <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 Park Dedication Fee for this site is calculated as follows: <br />Watermark 8th Addition <br />Total # Units = 97 <br />x Park Dedication Fee $3,300 <br />= Cash in Lieu Value $320,100 <br />(Trail Construction Costs) ($9,300) <br />TOTAL CASH FEE DUE = $310,800 <br />