HomeMy WebLinkAbout2006-112 Council Resolution• Council Memberca, -i Sot, introduced the following resolution and moved
its adoption:
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CITY OF LINO LAKES
RESOLUTION NO. 06 — 112
RESOLUTION APPROVING DEVELOPMENT CONTRACT, LEGACY TOWNHOMES
WHEREAS, the City's subdivision ordinance and conditions of approval require the
execution of a development contract, between the Developer and the City of Lino Lakes,
prior to commencement of site construction activities and final plat approval to insure
satisfactory completion of public improvements.
NOW, THEREFORE, BE IT RESOLVED THAT the Lino Lakes City Council approves
the Development Contract with Hartford Development Inc. for Legacy Townhomes and
authorizes the Mayor and City Clerk to execute such agreement on behalf of the City.
r 1u is ne Bartell, t ity ierk
Adopted by the Lino Lakes City Council this 24th day of July, 2006.
The motion for the adoption of the foregoing resolution was duly seconded by
Council Member Stoltz and upon vote being taken thereon, the following
voted in favor thereof:
Carlson, Stoltz, O'Donnell, Reinert, Bergeson
The following voted against same:
Whereupon said resolution was declared duly passed and adopted.
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AGENDA ITEM 6Bi
STAFF ORIGINATOR: James E. Studenski, City Engineer
COUNCIL MEETING DATE: July 24 , 2006
TOPIC: Resolution No. 06 — 112, Approving Development Contract, Legacy
Townhomes
Vote Required: Simple Majority
BACKGROUND:
Legacy Townhomes provides for the construction of 21 residential townhome
units on a parcel of land in the Legacy at Woods Edge Development.
In accordance with the preliminary plat approval and City policy, staff has
prepared a Development Contract. The contract provides for the following:
1. Submittal by the developer of a Letter of Credit in the amount of $188,750
representing 150 percent of the development improvement costs to insure
completion of the project in accordance with the approved plans.
2. Deposit of a cash escrow in the amount of $145,565 to reimburse the City
for costs incurred by the City related to the development and
improvements of the site.
Hartford Development Inc. has reviewed the contract and is aware of the
conditions set forth.
OPTIONS:
1. Return to staff for further review.
2. Adopt Resolution Number 06 — 112, approving Development Contract,
Legacy Townhomes.
RECOMMENDATION:
Option No. 2 - Staff recommends that Resolution Number 06 — 112 be adopted.
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DEVELOPMENT CONTRACT
Legacy Townhomes (Phase I)
THIS AGREEMENT made this 24th day of July, 2006, is by and between the City of Lino Lakes,
whose address is 600 Town Center Parkway, Lino Lakes, Minnesota, 55014, a municipal
corporation organized under the laws of the State of Minnesota, hereinafter referred to as the
"City ", and HARTFORD DEVELOPMENT, INC. whose address 1300 Wells Fargo Plaza, 7900
Xerxes Avenue South, Bloomington, MN 55431, hereinafter referred to as the "Developer ".
WHEREAS, the Developer has received preliminary plat approval from the City
Council for a plat of land within the corporate limits of the City known as LEGACY
TOWNHOMES AT WOODS EDGE (the "Plat ")
WHEREAS, the Developer intends to develop the first phase of its Legacy
Townhomes project on certain parcels of land contained in the Plat, hereinafter called the
"Subdivision ". Said land is legally described to -wit
Lots 1 -22 Block 1 and Outlot B, LEGACY TOWNHOMES AT WOODS EDGE,
ACCORDING TO THE RECORDED PLAT THEREOF, Anoka County, Minnesota,
WHEREAS, the Developer requested that the City construct and finance certain
improvements to service the Subdivision; and
WHEREAS, the Developer is to be responsible for the installation and financing of
certain private improvements within the Subdivision; and
WHEREAS, Minnesota Statute 429 provides a method for assessing the cost of City
installed improvements to the benefited property.
WHEREAS, the City Subdivision Ordinance and Minnesota Statute 462.358
authorize the City to enter into a performance contract secured by cash escrow or other security to
guarantee completion and payment of such improvements following final approval and recording of
final plat; and
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Development Contract
Legacy Townhomes (Phase I)
July 24, 2006
NOW, THEREFORE, in consideration of the mutual promises of the parties made
herein,
IT IS AGREED BY AND BETWEEN THE PARTIES HERETO: that the
I. DESIGNATION OF IMPROVEMENTS
A. Improvements to be installed at the Developer's expense by the Developer as
hereinafter provided are hereinafter referred to as "Developer Improvements ".
B. Improvements to be installed by the City and financed by the Developer are
hereinafter referred to as "City Improvements ".
II. DEVELOPER IMPROVEMENTS
A. The Developer's Engineer shall prepare, at the Developer's expense, a grading plan,
street and utility plan, and a surface water management plan. The Developer shall
secure a contractor to install these improvements; said contractor shall be approved
by the City at its ABSOLUTE discretion. All Developer Improvements shall
require City inspection and approval and, where appropriate, the approval of any
other governmental agency having jurisdiction. The Developer will construct and
install at Developer's expense the following improvements according to the
following terms and conditions:
1. Grading Plan
a) A final site grading plan, including certified wetland delineation,
with maximum two -foot contours and cross sections as necessary
shall be submitted and approved by the City prior to
commencement of any site grading.
2. Erosion Control Plan
a) The Developer shall submit an erosion control plan, detailing all
erosion control measures to be implemented during construction.
Said plan shall be approved by the City prior to the commencement
of site grading or construction.
b) The Developer shall submit a turf establishment plan which details
topsoil placement, seeding, sodding, mulching, fertilizing and
watering. Said plan shall be approved by the City prior to the
commencement of site grading or construction.
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Development Contract
Legacy Townhomes (Phase I)
July 24, 2006
3. Grading and Erosion Control Construction & Maintenance
a) Prior to the commencement of site grading and erosion control, the
Developer shall complete items II.A.1, II.A.2, and II.A.3 as listed
above.
b) The Developer shall grade the site to within 0.2 foot of the grades
shown on the approved grading plan. No deviations will be allowed
unless a revised plan is submitted and approved by the City and all
other regulatory agencies.
c) All development shall conform to the natural limitations presented
by the topography and soil of the subdivision in order to create the
best potential for preventing soil erosion.
d) Erosion and siltation control measures shall be coordinated with the
different stages of development. Appropriate control measures as
required by the City shall be installed prior to development when
necessary to control erosion.
e) Land shall be developed in increments of workable size such that
adequate erosion and siltation controls can be provided as
construction progresses. The smallest practical area of land shall be
exposed at any one period of time.
f) Where the topsoil is removed, sufficient arable soil shall be set aside
for respreading over the developed area. The topsoil shall be
restored to a depth of at least four (4) inches and shall be of a quality
at least equal to the soil quality prior to development.
g)
The Developer shall install four (4) inches of topsoil on all
boulevards and seed or sod as approved by the City. The Developer
shall make all necessary adjustments to the curb stops to bring them
flush with the topsoil prior to occupancy.
h) All disturbed areas shall be seeded.
i) The front 50 feet of the lots, the street right -of -way, storm water
storage ponds, and surface water drainage ways shall be graded prior
to commencement of utility construction.
j) Drainage swales, ditches, storm water storage ponds and other high
risk erosion areas shall be protected from erosion.
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Development Contract
Legacy Townhomes (Phase I)
July 24, 2006
k) All remaining grading must be completed prior to issuance of
building permits.
1) Protect streets from erosion deposits. This should include a
combination of roadside silt fences, roadside sod strips, catch basin
rock bale inlet protection, rock construction entrances, straw mulch,
and/or street sweeping.
m) The Developer's engineer shall certify, in writing with an as -built
survey, that all grading complies with the grading plan prior to
issuance of building permits.
4. Final private street grading, subbase, gravel base, bituminous binder course,
and concrete curb and gutter.
5. Storm sewers when determined to be necessary by the City Engineer,
including all necessary laterals, catch basins, inlets and other appurtenances.
6. Sanitary sewer, laterals or extensions, including all necessary building
services and other appurtenances.
7. Water, laterals or extensions, including all necessary building services,
hydrants, valves and other appurtenances.
8. The Developer shall place iron monuments at all lot and block corners and at
all other angle points on boundary lines. Iron monuments shall be placed
after all street and lawn grading has been completed in order to preserve the
lot markers for future property owners. Lot corner irons on the back
property line shall be installed so that the top of the iron corresponds to the
finished ground elevation in accordance with the approved grading plan -
guard stakes shall be appropriately installed to mark these irons.
9. The Developer agrees to maintain, at all times before acceptance of the
streets by the City, an access road suitable for use by emergency, police and
fire department equipment. The adequacy of such road shall be the sole
determination of the City. Furthermore, such access road shall be located no
more than 150 feet from any structure built within the Subdivision.
10. The Developer shall promptly clear dirt and debris, within public right -of-
ways, and drainage and utility easements, resulting from construction by
the Developer, its purchasers, builders and contractors within five (5) days
after notification by the City. The Developer or its assigns shall be
responsible for all necessary street and storm sewer maintenance including
street sweeping, storm sewer cleaning, ditch cleaning and pond dredging,
resulting from the accumulation of said dirt and debris, until all
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Development Contract
Legacy Townhomes (Phase I)
July 24, 2006
Certificates of Occupancy are issued. Warning signs shall be placed when
hazards develop in streets to prevent the public from traveling on same and
directing attention to detours. If and when the streets become impassable,
such streets shall be barricaded and closed. The Developer shall maintain a
smooth, hard driving surface and adequate drainage on all temporary streets.
11. Street Lighting:
a) Residential street lighting along public streets shall be owned and
operated by the City. Such street lighting system shall be installed,
operated, and maintained by the electric utility company. City and
electric utility company may enter into a contractual agreement on
the rate and maintenance of the street lighting system. Residential
street lighting internal to the Subdivision shall be installed by
Developer and owned by the homeowners association established to
operate and govern the Legacy Townhome development.
12. The Developer shall dedicate to the City, prior to approval of the final plat,
at no cost to the City, all permanent or temporary easements necessary for
the construction and installation of the Developer Improvements. All such
easements required by the City shall be in writing, in recordable form,
containing such terms and conditions as the City shall determine.
13. The Developer shall be responsible for securing all site grading and
development approvals and permits from all appropriate Federal, State,
Regional and Local jurisdictions prior to the commencement of site grading
or construction and prior to the City awarding construction contracts for
public utilities.
14. The Developer shall make provision that all gas, telephone, cable TV and
electric utility designs be submitted to the City for review and approval prior
to construction of the streets. Following review and approval by the City,
the Developer shall insure that all installations comply with applicable City,
County and State design standards and show proof of security arrangements
with said utility companies.
15. Cost of Developer Improvements and description are as shown on
Attachment A.
16. Construction of Developer's Improvements:
a) The construction, installation, materials and equipment shall be in
accordance with the plans and specifications approved by the City.
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Development Contract
Legacy Townhomes (Phase I)
July 24, 2006
b) All of the work shall be under and subject to the inspection and
approval of the City and, where appropriate, any other governmental
agency having jurisdiction.
c) Prior to the acceptance of Developer Improvements by the City, the
Developer shall obtain final plat approval and record the final plat
which will dedicate all permanent easements necessary for the
construction and installation of the Developer and City
Improvements as determined by the City.
d) All construction debris and trash shall be properly disposed of at the
Developer expense and in a timely manner as determined by the
City.
17. The Developer shall construct and pay for all improvements as described in
the landscaping plan.
18. Guarantee
a) Faithful Performance of Construction Contracts and Letters of Credit
(1) The Developer will fully and faithfully comply with all terms
and conditions of any and all contracts entered into by the
Developer for the installation and construction of all
Developer Improvements and hereby guarantees the
workmanship and materials for a period of one year
following the City's final acceptance of the Developer's
Improvements. Concurrently with the execution hereof by
the Developer, the Developer will furnish to, and at all times
thereafter maintain with the City, a cash deposit, certified
check, or Irrevocable Letter of Credit, based on one hundred
fifty (150 %) percent of the total estimated cost of
Developer's Improvements. An Irrevocable Letter of Credit
shall be for the exclusive use and benefit of the City of Lino
Lakes and shall state thereon that the same is issued to
guarantee and assure performance by the Developer of all the
terms and conditions of this Development Contract and
construction of all required improvements in accordance with
the ordinances and specifications of the City. The City
reserves the right to draw, in whole or in part, on any portion
of the Irrevocable Letter of Credit for the purpose of
guaranteeing the terms and conditions of this contract. The
Irrevocable Letter of Credit shall be automatically extended
for additional periods of one year from present or future
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Development Contract
Legacy Townhomes (Phase I)
July 24, 2006
expiration dates unless thirty (30) days prior to such the City
Clerk or Administrator is notified in writing by certified mail
that the Letter of Credit will not be renewed.
b) Reduction of Escrow Guarantee.
(1)
III. CITY IMPROVEMENTS
The Developer may request reduction of the Letter of Credit,
or cash deposit based on prepayment or the value of the
completed improvements at the time of the requested
reduction. Prior to the final acceptance of the Developer
Improvements the City shall require a Performance Bond or
Cash Escrow to cover the one -year warranty provisions of
the agreement. The amount shall be determined by the City
Engineer.
A. The city will construct, install and maintain at the City's sole expense the following
City improvements for this project.
1. All streetscaping adjacent to public street, including sidewalks, sod /grass,
boulevard trees and street lighting within street Right -of -Way.
IV. RECORDING AND RELEASE
A. The Developer agrees that the terms of this Development Contract shall be a
covenant on any and all property included in the Subdivision. The Developer agrees
that the City shall have the right to record a copy of this Development Contract with
the Anoka County Recorder to give notice to future purchasers and owners. This
shall be recorded against the Subdivision described on Page 1 hereof. City shall
provide to Developer upon payment of all the special assessments levied against a
parcel, a release of such parcel from the terms and conditions of this Development
Contract subject to provisions contained in this contract.
V. REIMBURSEMENT OF COSTS
A. The Developer agrees to establish a non - interest bearing escrow account with the
City in an amount determined by the City Administrator or his designee for the
payment of all costs incurred by the City related to the development of the
Subdivision and the Developer Improvements including, but not limited to, the
following (See Attachment B for breakdown of costs):
1. Plat Review Fee
2. Planner Review Fee
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Development Contract
Legacy Townhomes (Phase I)
July 24, 2006
3. Administration - 3% Construction Cost
4. Engineering
a) Administration
5. Legal - Plat Review
6. Publications
7. Park Dedication Fee
8. Traffic Signing Improvements
9. Street - Storm Sewer - Pond Maintenance
10. Aerial Photo Recovery Cost
11. Sanitary Sewer and Watermain Trunk charges listed in paragraph 8A, 8C,
9A and 9C of Exhibit A attached hereto.
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 charge.
• VI. BUILDING PERMITS
•
A. The Developer agrees that building permits may be issued upon approval of the
Final Plat by the City Council. All required Financial Security shall be in place with
the City prior to the commencement of Developer Improvements under Paragraph
II herein.
B. The Developer further agrees that City Sewer, Water, Storm Sewer, and Bituminous
Base Construction of the Streets, temporary street signs, gas, electric, and telephone
will be completed prior to the issuance of building permits.
C. The Developer further agrees that an as -built survey certifying that all the grading
complies with the grading plan prior to issuance of building permits.
D. Each lot must comply with erosion control measures to prevent any material from
leaving the lot. The City of Lino Lakes will not perform any requested inspections
on the lot until it complies with the erosion control requirements.
E. Each lot must have a City approved Certificate of Grading showing the as -built
survey prior to an issuance of a Certificate of Occupancy. It shall be the
responsibility of the Developer, its purchasers, builders or contractors to ensure
compliance with the grading plan.
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Development Contract
Legacy Townhomes (Phase I)
July 24, 2006
VII. HOURS OF CONSTRUCTION ACTIVITY
A. All construction activity shall be limited to the hours as follows:
Monday through Friday 7:00 a.m. to 7:00 p.m.
Saturday 9:00 a.m. to 5:00 p.m.
Sunday and Holidays No working hours allowed
VIII. OWNERSHIP OF IMPROVEMENTS
A. Upon completion of the work and construction required by this contract and
acceptance by the City, the improvements lying within the public easements shall
become City property without further notice or action.
IX. INSURANCE
A. Developer or all its subcontractors shall take out and maintain until one (1) year
after the City has accepted the Developer Improvements, public liability and
property damage insurance covering personal injury, including death, and claims for
property damage which may arise out of the Developer's work or the work of his
subcontractors or by one directly or indirectly employed by any of them. Limits for
bodily injury and death shall be not less than Five Hundred Thousand and no /100
($500,000.00) Dollars for one person and One Million and no /100 ($1,000,000.00)
Dollars for each occurrence; limits for property damage shall be not less then Two
Hundred Thousand and no /100 ($200,000.00) Dollars for each occurrence; or a
combination single limit policy of One Million and no /100 ($1,000,000.00) Dollars
or more. The City, its employees, its agents and assigns shall be named as an
additional insured on the policy, and the Developer or all its subcontractors shall file
with the City a certificate evidencing coverage prior to the City signing the plat.
The certificate shall provide that the City must be given ten (10) days advance
written notice of the cancellation of the insurance. The certificate may not contain
any disclaimer for failure to give the required notice.
X. REIMBURSEMENT OF COSTS FOR DEFENSE
A. The Developer agrees to reimburse the City for all costs incurred by the City in
defense of enforcement of this contract, or any portion thereof, including court costs
and reasonable engineering and attorneys' fees if the City prevails in such action.
XI. VALIDITY
A. If a portion, section, subsection, sentence, clause, paragraph or phrase in this
contract is for any reason held to be invalid by a court of competent jurisdiction,
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Development Contract
Legacy Townhomes (Phase I)
July 24, 2006
such decision shall not affect or void any of the other provisions of the Development
Contract.
XII. GENERAL
A. Binding Effect
1. The terms and provisions hereof shall be binding upon and insure to the
benefit of the heirs, representatives, successors and assigns of the parties
hereto and shall be binding upon all future owners of all or any part of the
Subdivision and shall be deemed covenants running with the land.
B. Notices
1. Whenever in this agreement it shall be required or permitted that notice or
demand be given or served by either parry to this agreement to or on the
other party, such notice or demand shall be delivered personally or mailed by
United States mail to the addresses hereinbefore set forth on Page 1 by
certified mail (return receipt requested). Such notice or demand shall be
deemed timely given when delivered personally or when deposited in the
mail in accordance with the above. The addresses of the parties hereto are as
set forth on Page 1 until changed by notice given as above.
C. Final Plat Approval
1. The City agrees to give final approval to the plat of the Subdivision upon
execution and delivery of this agreement and all required petitions, and
documents.
XIII. VIOLATIONS /BUILDING PERMITS
A. In the event that Developer violates any of the covenants and agreements contained
in this Development Contract and to be performed by the Developer, the City, at its
option, in addition to the rights and remedies as set out hereunder may refuse to
issue building permits and/or Certificate of Occupancies to any property within the
Subdivision until such time as such default has been corrected to the satisfaction of
the City.
XIV. PARK DEDICATION
A. Park dedication for Legacy Townhomes Addition will be $2,075 per unit for 21
units, which totals $43,575, which shall be payable to the City prior to the
commencement of Developer Improvements under Paragraph II herein.
Page 10
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Development Contract
Legacy Townhomes (Phase I)
July 24, 2006
XV. PROPERTY TAXES
A. Should the recording of the Final Plat occur after July 1, any and all property taxes on
any public property dedicated as a part of this plat shall be the responsibility of the
Developer. Dollars shall be incorporated into the escrow agreement to cover the cost of
said property taxes.
XVI. HOME OWNER ASSOCIATION
A. The Developer shall provide to the City, for its approval, a copy of all necessary
association documents said documents shall include an Operation and Maintenance
Agreement. The following shall be included in such agreement, or shall be specifically
provided for in a separate recordable agreement;
1. Maintenance of private improvements (i.e. lighting, utilities, snow removal).
2. Provisions for implementation of Surface Water Runoff Best Management
Practices (BMP's).
3. Provisions for maintaining Open Space and Infiltration Areas.
4. Provisions for snow removal of public sidewalks.
XVII. EASEMENTS, DEVELOPER SHALL PROVIDE THE FOLLOWING EASEMENT AT
NO COST TO THE CITY:
A. Ingress /egress easements in favor of the City to the stormwater ponds located on Outlot
B, The Village No. 3, Anoka County, Minnesota, for maintenance purposes.
B. Trail Easement to be more specifically described on the southern portion of Outlot B,
The Village No. 3, Anoka County, Minnesota, to provide connection from the public
street /sidewalk to the existing Rice Creek Chain of Lakes trail system.
Page 11
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Development Contract
Legacy Townhomes (Phase I)
July 24, 2006
Dated:
By
STATE OF MINNESOTA )
) SS
)
COUNTY OF ANOKA
, 2006 CITY OF LINO LAKES, MINNESOTA, a
municipal corporation under the laws of the
State of Minnesota.
By:
Its:
By:
Its:
The foregoing instrument was acknowledged before me this day of , 2006,
by , the and , the
of the City of Lino Lakes, Minnesota on behalf of said City.
Notary Public
[Separate Signature Page to Release of Obligations Under Contract for Subdivision /Planned
Unit Development]
Page 12
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Dated:
STATE OF MINNESOTA )
) ss
COUNTY OF ANOKA )
,2006 HARTFORD DEVELOPMENT, INC.,
a Minnesota corporation
By:
Keith Gruebele
Its: Chief Financial Manager
The foregoing instrument was acknowledged before me this day of , 2006,
• by Keith Gruebele the Chief Financial Manager of Hartford Development, Inc, a Minnesota
Corporation on behalf of said Corporation.
Notary Public
[Separate Signature Page to Release of Obligations Under Contract for Subdivision /Planned
Unit Development]
•
• ATTACHMENT A
SUMMARY OF IMPROVEMENT COSTS
DEVELOPER INSTALLED IMPROVEMENTS
PROJECT NAME: Legacy Townhomes NUMBER OF REU's: 21
APPLICANT: Hartford Development Group Inc. ASSESSED AREA (ac.): 1.45
7/24/2006
BUDGET DEVELOPER CITY ESCROW
ITEM NECESSARY IMPROVEMENTS COST NOTE IMP. (X) IMP. (Y) AMOUNT (Z)
1 SITE GRADING Estimate e $40,000
2 EROSION CONTROL Estimate e $8,750
3 SITE ENGINEERING & SURVEYING Estimate e $5,000
4 LANDSCAPING Estimate e $28,000
6 STREET /ACCESS CONST. Estimate e $66,000
7 STORM SEWER CONST.
A. Trunk Estimate e $5,000
B. Lateral Estimate e $13,000
C. Surface Water Mgmt. Charge (s.f.) $0.077 a $4,865
8 SANITARY SEWER CONST.
A. Trunk Area Charge (ac.) $2,640 a $3,828
B. Trunk Credit
• C. Trunk Unit Charge (REU) $1,145 $24,045
D. Lateral Estimate e $11,500
9 WATERMAIN CONST.
A. Trunk Area Charge (ac.) $2,815 a $4,082
B. Trunk Credit
C. Trunk Unit Charge (REU) $1,845 a $38,745
D. Lateral Estimate e $11,500
TOTALS $188,750 $75,565
See Attachment B for security amounts to be posted
NOTE:
a: Cost by City policy
b: Estimated Cost or Budget by City
c: Previously Assessed
d: Cash Requirement per Agreement with Park Board
e: Provided by Developer
f: Estimate by Feasibility Study
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ATTACHMENT B
CITY FEES
DEVELOPER INSTALLED IMPROVEMENTS
• PROJECT NAME: Legacy Townhomes
APPLICANT:
Hartford Development Group Inc.
ITEM NECESSARY IMPROVEMENTS
1 PLANNING /REVIEW
A. Plat Review Fee
B. Planner Review Fee
2 ENGINEERING
A. Plan /Plat/Grading Review
B. Preparation of Plans & Specs.
C. Construction Services
D. Construction Staking
E. City Engineering
3 ADMINISTRATION
A. Administration Fee - 3% of const. 3% of const.
B. Legal $1,000
C. Publications $1,000
4 DEVELOPMENT FEES
A. Park Dedication $2075 /Unit
C. Aerial Photo Fee $90 /unit
5 DEVELOPMENT SECURITIES
A. Street, St. Swr., Pond Maint.
TOTALS:
7/24/2006
NUMBER OF REU's:
21
ASSESSED AREA (ac.): 1.45
BUDGET DEVELOPER CITY ESCROW
COST NOTE IMP. (X) IMP. (Y) AMOUNT (Z)
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SECURITY AMOUNTS TO BE POSTED
X = DEV. IMPROVEMENT COSTS X 1.5 (LETTER OF CREDIT)
Y = CITY IMPROVEMENT COSTS X 0.35 (LETTER OF CREDIT)
Z = CITY FEE COSTS X 1.0 (CASH ESCROW)
NOTE a: Cost by City policy
b: Estimated Cost or Budget by City
c: Previously Assessed
d: Cash Requirement per Agreement with Park Board
e: Provided by Developer
f: Estimate by Feasibility Study
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b
b
b
b
b
b
b
a
b
b
d
a
b
Att. A Att. B
$188,750 $0
$0 $0
$75,565 $70,000
$2,500
$2,500
$2,500
$0
$3,750
$0
$1,250
$5,663
$1,000
$1,000
$43,575
$1,890
$4,372
$70,000
Total
$188,750
$0
$145,565