08-24-2015 Council Packet - Laserfiche WebLink

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NorthPointe 3rd Addition Development Agreement August 2015 i. Administration - 3% of Developer Improvement Costs ii. City Engineering iii. Street lighting installation (by utility company) iv. Traffic signing improvements v. Boulevard tree planting vi. Street, storm sewer and pond maintenance vii. 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 upon notice to the Developer, with suitable documentation supporting the charges. 16. Developer Fees. The Developer also agrees to pay the following fees related to the development of the Subdivision (See Attachment B for breakdown of costs): a. Park Dedication The Park Dedication Fee for this site is calculated as follows: 41 units x $2,500 = $102,500 NorthPointe 3rd Addition varies from the original phasing plan and parkland will be dedicated with Phase IV (anticipated 2016). Future phases and Outlot B (age - restricted multi -family complex) will pay straight park dedication fees per unit at the time of each final plat. Phase IV will dedicate 5.04 acres of parkland, credit trail construction costs and collect or credit any remaining cash balance associated with Phase IV. b. The Developer shall pay all maintenance and energy costs for street lights installed within the Subject Property for 15 months at a cost of $7/month/light. After that the City will assume the costs. c. Sealcoating. The Developer will pay the cost of sealcoating the streets within the development at a cost of $2.70 per square yard of roadway. The sealcoating will be completed within three to seven years following completion of the wear course placement. page 6