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Slater Addition <br />Development Agreement <br />January 13, 2025 <br />An estimate of the total charge and the trunk utility credit for developer installed <br />trunk oversizing is specified in Exhibit B. <br />f. Surface Water Management Area Charges <br />The City established a trunk area charge to uniformly distribute the costs of <br />public trunk surface water infrastructure and water quality improvements. The <br />Surface Water Management Charge shall be based on developable acreage, in <br />the amount specified in Exhibit B. The charge shall be paid at the time of <br />subdivision approval. <br />17. Assessment of Charges and Waiver of Rights. <br />a. In consideration of the construction of City Improvements listed in Section 7 and <br />/or provision of sewer, water and storm water services, the Developer agrees <br />that the costs of City Improvements together with Trunk Sewer Unit Charge, <br />Trunk Water Unit Charge and the Surface Water Management Area Charge <br />(collectively, "the Charges") may be assessed against the Subdivision parcels. <br />The Developer hereby waives any and all procedural and substantive objections <br />to the special assessments, including notice and hearing requirements, any claim <br />that the assessments exceed the benefit to the properties, and any right to <br />appeal. <br />b. Unless the Developer pays the entire balance owed for the Charges <br />contemporaneously with the execution of this Agreement, the Developer shall <br />provide to the City a cash escrow or irrevocable letter of credit in an amount <br />equal to 35% of the total assessments for the Charges as estimated by the City <br />Engineer (see Exhibit B). The letter of credit shall be in a form, and from a bank, <br />as approved by the City. The letter of credit or cash escrow may be used by the <br />City upon default by Developer in the payment of special assessments. The cash <br />escrow or letter of credit shall remain in place throughout the term of the special <br />assessments. The letter of credit may not be terminated without the City's <br />written consent. <br />c. Developer, its heirs, successors or assigns, agrees that within 30 days after the <br />date of sale of a lot, the Developer, its heirs, successors or assigns, at its own <br />cost and expense, shall pay the entire unpaid charges assessed or to be assessed <br />under this Agreement against such property. <br />d. If a certificate of occupancy is issued before the special assessments have been <br />levied, the Developer, its heirs, successors or assigns shall pay the City the sum <br />of cash equal to 120% of the Engineer's estimate of the special assessments for <br />such Charges that would be levied against the property. Upon such payment the <br />City shall issue a certificate showing the assessments are paid in full. <br />page 9 <br />