HomeMy WebLinkAbout2014-096 Council ResolutionL
CITY OF LINO LAKES
RESOLUTION NO. 14-96
RESOLUTION APPROVING DEVELOPMENT CONTRACT
FOR TALAN RIDGE
WHEREAS, the City Council approved the Final Plat for Talan Ridge with Resolution No. 14-
95 on September 8, 2014; and
WHEREAS, the City's subdivision ordinance and conditions of approval require the execution
of a development agreement between the Developer and the City of Lino Lakes.
NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes
hereby approves the Development Contract between Avenger Home Solutions Inc. and the City
of Lino Lakes for Talan Ridge and authorizes the Mayor and City Clerk to execute such
agreement on behalf of the City.
Adopted by the Council of the City of Lino Lakes this 8th day of September, 2014.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Kusterman and was duly seconded by Council Member Roeser and upon
vote being taken thereon, the following voted in favor thereof:
Kusterman, Roeser, Rafferty, Stoesz, Reinert
The following voted against same:
none
ATTEST:
e Bartell, C
DRAFT
DEVELOPMENT CONTRACT
Talan Ridge
THIS AGREEMENT made this day of , 2014, 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 Avenger Home Solutions, Inc. whose address is 3128 Priest Lane, Mound, MN
55364, hereinafter referred to as the "Developer."
WHEREAS, the Developer has received preliminary plat approval from the City Council by
Resolution No. 14-34 for a plat of land within the corporate limits of the City known as Talan
Ridge, hereinafter called "Subdivision," as shown in Attachment A and is legally described as:
East 290.00 feet of Lots 3 and 4, Block 2 Arthur E. Thom Acres.
WHEREAS, the Developer is splitting the above described land into three lots with one
existing residence and two additional residence, which will be legally described to -wit.
Lot 1, 2 and 3, Block 1, Talan Ridge
WHEREAS, service to the subdivision has been previously made; and
WHEREAS, the Developer is to be responsible for the installation and financing of certain
private improvements within the Subdivision; and
WHEREAS, the City Subdivision Ordinance and Minnesota Statute sections 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
the final plat.
NOW, THEREFORE, in consideration of the mutual promises of the parties made herein.
IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS:
I. DEVELOPER IMPROVEMENTS
a. Improvements to be installed by the Developer and fmanced by the Developer 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."
Talan Ridge
Development Contract
September, 2014
II. DEVELOPER PLANS
a. The subject property shall be developed in accordance with the following
Developer Plans, original copies of which are on file with the City Engineer. The
Developer Plans may be prepared after entering this Agreement but must be
completed and approved by the City before commencement of any work on the
Subject Property. If the plans vary from the written terms of this Agreement, the
written terms shall control.
b. The Developer Plans are:
i. Talan Ridge, dated July 11, 20.1 'epareiy Mattke Surveying and
Engineering Inc.:
a. Sheet 1, Certifi
of Survey
b. Sheet 2, Resources hwento
c. Sheet ='Iiminary Plat
d. Sheet 4, Grading, Drainage androsion Control Plan
e. sheet 5, Preliminary Utility Plan
Sheet 6, Landscaping Plan
g. Sheet 7, Tree Prese
The Developer Plans shall be a
d by the City. The Developer shall secure a
contractor „ stall these improvements, which contractor shall be approved by
the City in its •lute discretion. All Developer Improvements shall require City
" ection andoval and, where appropriate, the approval of any other
goenmental ag having jurisdiction. The Developer shall construct and
ins the Deper's expense the improvements according to the following
terms a
i.
ErosiOn Control Construction & Maintenance
a. Prior to the commencement of construction the Developer shall
schedule a preconstruction meeting with the contractor, developer
and city, and submit an erosion control plan.
b. The Developer shall obtain an NPDES Stormwater Permit prior to
construction. All terms and conditions of the NPDES permit must
be adhered to by the Developer throughout the duration of
construction of the Subdivision from start to finish.
page 2
Tal an Ridge
Development Contract
September, 2014
c. The wetland buffer areas shall be protected as detailed in the
approved plans.
d. The Developer shall install four (4) inches of topsoil on all
boulevards and seed or sod as approved by the City.
e. All disturbed areas shall be restored immediately upon completion
of construction.
f Drainage swales, ditches, storm water storage ponds and other high
risk erosion areas shall be irr tected from erosion.
g. All grading must be completed prior to issuance of building
permits.
h. All streets shall be/protected fro n erosion d its. This should
include a combination of roadsilt fences, roadside sod strips,
catch • inlet protec i 'uconstruction en tr ces, erosion
control E met, mulch, an /street sweeping.
i. The Deve
ey, that
to issua
, in writing with an as -built
e approved grading plan
:,permits.
eueloper shad be responsible for ascertaining that site
eotechnical and dwater conditions are adequate and
Fnforming with the acting and site improvement as proposed.
The Developer shall provide financial security and/or cash escrow
o assu,mpletion of the construction and restoration, in the
ent that „work is not completed by the Developer.
er shall place iron monuments at all lot and block corners and
gle points on boundary lines. Iron monuments shall be
lawn grading has been completed in order to preserve the lot
ma '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.
iii. 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, prior to issuance of any Certificates of
page 3
Talan Ridge
Development Contract
September, 2014
Occupancy. 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.
iv. Landscaping Plan & Tree Preservation Plan
a)
The Developer shall implement t' preservation in accordance with
the approved Landscaping PIan;& Tree Preservation Plan prior to
any site grading. Said)P
��# s a delineated preservation area,
which shall be in accordance ` the City Tree Preservation
�
requirements. The ' per shall provide a cash escrow as security,
in the amount specified in Attachment"insure implementation
of the Tree Preservation requirements Site grading shall not
commence until review of the p and site has en completed and
approved by the City Enviroptental Coordin e and any other
governing agency with jurisdiction as required.
b) The Devll..remove, dispose of, or treat all dead and
diseased trees -in accordance with the City Forester's
mmendatiun before building permits will be issued
e Developer shall dedicate to the City, prior to approval of the final plat,
at no cost to the City an anent or temporary easements that may be
necessary for the construction and installation of the Developer
lmproN ements. Atl such easements required by the City shall be ini writing,
in, recordable form, containing such terms and conditions as the City shall
deteunine.
i. The Developer shall submit all gas, telephone, cable TV and electric utility
designs to i e City for review and approval prior to construction of the
prove tn s. Following review and approval by the City, the Developer
that all installations comply with applicable City, County and
Stated 'gn standards and show proof of security arrangements with said
utilityR'companies.
vii. Cost of Developer Improvements and description are as shown on
Attachment B.
viii. Construction of Developer's Improvements:
a. The construction, installation, materials and equipment shall be in
accordance with the Developer Plans and specifications approved
by the City.
page 4
Talan Ridge
Development Contract
September, 2014
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's expense and in a timely manner as determined by
the City.
ix. The Developer shall construct and pay for all improvements as described
in the approved landscaping landscapitir n.
x. Record Draw;
a. Upon completion of construction of site improvements, and
grading, the developer shall submit two (2) sets of record
Developer Plans. two (2) electronic copies of record Developer
Plans in Anoka CountyN.a.D 83 Coordinates compatible with the
City's computer system. including accurate locations, dimensions.
elevations, grades. slopes and all other pertinent information
concemint,, the completed work.
xi. Faithful Performance of Construction Contracts and Surety
a. The Deer will fully and faithfully comply with all terms and
c ndittonscif any and all contracts entered into by the Developer
forthe installation and construction of all Developer
Improvements.
III. STORMWATER FACILITIES MAINTENANCE
a. The stormwater facilities serving the development include drainage swales and a
stormwater pond which also serves as an infiltration basin. The City will access
the stormwater system via drainage and utilities easements, and inspect the
stormwater pond and filtration basin, annually, to preserve storage capacity. The
City will also remove vegetation, maintain healthy plant growth and remove
excess sediment and debris to ensure that the facilities continue to perform per
design. Drainage swales will be inspected for conveyance of surface water to
ensure preservation of designed hydraulic capacity.
page 5
Talan Ridge
Development Contract
September, 2014
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 b) the City related to the development of the
Subdivision and the Developer Improvements including, but not limited to, the
following (See Attachment C for breakdown of costs):
i. Plat Rev
ii. Planner Review
iii. Administration - ;%o Construction Cost
iv. Engineering
v. Legal
vi. Publications
vii. Boulevard Tree Planting
viii. Stree Storm Sewer - Pond Maintenance
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.
c. The Developer agrees to pay the following fees related to the development of the
Subdivision and the Developer Improvements including, but not limited to, the
following (See Attachment C for breakdown of costs)
page 6
Talan Ridge
Development Contract
September, 2014
i. Sealcoating
ii. Aerial Photo
VI. TRUNK UTILITY & SURFACE WATER MANAGEMENT CHARGES
a. Trunk Sewer Unit Charges.
i. The City established trunk unit charges to iiformly distribute the costs of
public trunk sanitary sewer infras Each individual connection to
the sanitary sewer system shall be charged a. unit charge per SAC unit
(currently at $2,975 per SAC unit. The'unt charge shall be based on the
procedure outlined in the Mro olitan Environmental Services Service
Availability Charge Proeeduro Manual. Trunk sewer unit charges
addressed under this pph are in addition to any SAC charges
imposed by Metropolitan Cecil Envmanmental Setwices. An estimate of
the total charge and the trunklity lfor developertalled trunk
oversizing is pecff ed in Attachment B
b. Trunk Water Unit Char
i. stablished,trunk unit charges to on ormly distribute the costs of
water in tructu ;. Eac pdividual connection to the water
ystem shall be charged a uniraharge peg, AC unit (currently at $3,939
r SAC unit) The unit charge shall be based on the procedure outlined in
nvironmental Services Service Availability Charge
,,,estima of the total charge and the trunk utility
n
trunk oversizing is specified in Attachment
Proceu anual.
credit for developer
B.
d.
Area Charges.
blished a trunk area charge to uniformly distribute the costs
nk surface water infrastructure and water quality
nts. The Surface Water Management Charge shall be based on
deve'able acreage, in the amount specified in Attachment B.
Assessment of Charges and Waiver of Rights.
i. In consideration of the provision of sewer, water and storm water services,
the Developer agrees that the Trunk Sewer Unit Charge, Trunk Water Unit
Charge and the Surface Water Management Area Charge (collectively,
"the Charges") may be assessed against the Subdivision parcels. The
Developer hereby waives any and all procedural and substantive
objections to the special assessments, including notice and hearing
page 7
Talan Ridge
Development Contract
September, 2014
requirements, any claim that the assessments exceed the benefit to the
properties, and any right to appeal.
ii. Unless the Developer pays the entire balance owed for the Charges
contemporaneously with the execution of the Agreement, the Developer
shall provide to the City a cash escrow or irrevocable letter of credit in an
amount equal to 35% of the total assessments as estimated by the City
Engineer (see Attachment B). The letter of credit shall be in a form, and
from a bank, as approved by the City. '1eletter of credit or cash escrow
may be used by the City upon defa . `Developer in the payment of
special assessments. The cash e ctro ; tter of credit shall remain in
place throughout the term of 3 - e special assessments.
iii. All special assessments be payable to the City Clerk in semi-annual
installments over 15 yemmencing on April 15-th of the year after the
levy of such assessment acid each September 15`h and April 15`h
thereafter until the entire balance plus accrued interest is paid in full. In
the alternative, the City may, at its option, certify the entire assessment roll
to the Anoka County Auditor for collection with real estate taxes.
iv. Developer, its heirs successors or assigns, agrees that within 30 days after
truce of a certificate of occupancy for a residence on a lot located
division that is assessed forthe cost of the Charges, the
eirs, successors or assigns, agrees, at its own cost and
the entire unpaid Charges assessed or to be assessed under
t, such property.
v. Iia certific_of occupancy is issued before the special assessments have
been tied, eveloper, its heirs, successors or assigns shall pay the
City therm o equal to 120% of the Engineer's estimate of the
special asaessmentsor such City Improvements that would be levied
against the'' roperty. Upon such payment the City shall issue a certificate
owing Al assessments are paid in full. Notwithstanding the issuance of
ate, the Developer shall be liable to the City for any deficiency
and ; ity shall pay the Developer any surplus arising from the payment
based upon such estimate. Developer will be paid interest on all
assessments paid before the levy of such assessments by the City at the
bond interest rates paid by the City.
e. Acceleration upon Default.
i. In the event the Developer violates any of the covenants, conditions or
agreements herein, violates any ordinance, rule or regulation of the City,
County of Anoka, State of Minnesota or other governmental entity having
jurisdiction over the plat, or fails to pay when due any installment of any
page 8
Talan Ridge
Development Contract
September, 2014
special assessment levied pursuant to this agreement, or any interest
thereon, the City at its option, in addition to its rights and remedies
hereunder, after 10 days written notice to the Developer, may declare all of
the unpaid special assessments which are then estimated or levied pursuant
to this agreement due and payable in full, with interest. The City may seek
recovery of such special assessments due and payable from the security
provided herein. In the event that such security is insufficient to pay the
outstanding amount of such special asseents plus accrued interest the
City may certify such outstanding specil4ssessments in full to the County
Auditor pursuant to Minnesota Statutes; section 429.061, subdivision 3, for
collection the following year. The City,.: at its option, may commence legal
action against the Developer to collect the enti
re unpaid balance of the
special assessments then . ed or levied pursuant hereto, with interest,
including reasonable ar,ey's fees, and Developershall be liable for such
special assessments and, ' ore than one, such liahi shall be joint and
several. Also, if Developer violates any term or condition of this
agreement, orf•erny payment i "" ask by Developer pursuant to this
agreement th s ffi its option, refuse to issue building permits to
any of the prop tein the Subdivision on which the assessments
have not been pai
VII. BUILDING PERMITS_....
a. Subject t ny other, quirements in this Agreement, building permits may be
issued upon approver of the Final plat by the City Council at which time all
•ted Financial Security must bean place with the City.
iyz
b. An as-biu
must be su
permits.
ing tha the grading complies with the grading plan
pproved by the City prior to issuance of building
VIII. HOURS OF CONSTRUCTION ACTIVITY
a. All con iia activity shall be limited to the hours as follows:
i. Monday through Friday 7:00 a.m. to 7:00 p.m.
ii. Saturday 9:00 a.m. to 5:00 p.m.
iii. Sunday and Holidays No working hours allowed
IX. INSURANCE
a. Developer or its general contractor 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.
page 9
Talan Ridge
Development Contract
September, 2014
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 its
general contractor 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 »EN SE
a. The Developer agrees to reimb e City for all costs i+ d by the City in
defense of enforcement of this conn t or any portion thereo ;eluding court
costs and reasonable engineering and attorneys' fees if the City pails in such
action.
XI. VALIDITY
XII.
a. If a po• motion. subsection. sentence ci e, paragraph or phrase in this
contr for any reason held to be invalid b court of competent jurisdiction,
such de' L on shall not affect or void any of the other provisions of the
Development Contract.
iENIERAL
Binding Effect
The tennnd provisions hereof shall be binding upon and inure to the
benefit ofd heirs, representatives, successors and assigns of the parties
hereto all be binding upon all future owners of all or any part of the
Subdivisran and shall be deemed covenants running with the land.
b. Notices
i. Whenever in this agreement it shall be required or permitted that notice or
demand be given or served by either party 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.
page 10
Talan Ridge
Development Contract
September, 2014
c. Final Plat Approval
i. The City agrees to give final approval to the plat of the Subdivision upon
execution and delivery of this agreement and all required petitions, bonds,
security, and documents including the following:
a. A Grading Permit application sha se submitted and approved by
City Staff prior to any grading e work.
b. The Rice Creek Watershedct must review and issue a permit
for the project prior to bud g permits being issued by the city for
any new construction.
XIII. VIOLATIONSBUILDING PERMITS
a. In the event that Developer violates -any of the covenants and ements
contained in this Development Contracto be performed byt 1 Developer,
the City, at its option, in addition to the rand remedies as set out hereunder
may refuse to issue building permits and/or Certificate of Occupancies to any
property within the SubdiA sion until such time as such default has been corrected
to the satisfaction of the City.
�-- XIV. PARK DED
a. The Park Dedicati
e Talan Ridge development is calculated as follows:
2 units x $
?ERTY TAXES
00"= $5,000
old 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 ars shall be incorporated into the escrow agreement to cover
the cost of said property taxes.
page 11
Talan Ridge
Development Contract
September, 2014
DEVELOPER
Developer
STATE OF MINNESOTA )
) ss.
COUNTY OF ANOKA )
CITY OF LINO LAKES
By
Mayor
ATTEST:
By
City Clerk
On this day of 4, b
for said County, personally appeared
(City Clerk), to me known to be respectively the Mayor
who executed the foregoing instrument and acknowledge t
of said City.
me, a Notary Public within and
yor) and
_Clerk of the City of Lino Lakes, and
ey executed the same on behalf
STA
Notary Public
MINNESOTA
COUNTY GW _ OKA
On this
for said County, pers
foregoing instrument.
day of
, 2014, before me, a Notary Public within and
(Developer), who executed the
Notary Public
This instrument was drafted by:
City of Lino Lakes
600 Town Center Parkway
Lino Lakes, Minnesota 55014
page 12
ATTACHMENT A
Final Plat Talan Ridge
iCeolVa
69.6,1.49
TALA 1 RIDGE
9.01
Wows Let. Ssan
City of Lino Lakes
County of Anoka
Sec. 31, T.31, R. 22
RECE
JUL $ 3 2014
McUk su iek igtiNAiirdit lnc.
ATTACHMENT B
SUMMARY OF IMPROVEMENT COSTS
DEVELOPER INSTALLED IMPROVEMENTS
PROJECT NAME: Talan Ridge NUMBER OF REU's:
APPLICANT: Avenger Home Solutions, Inc. ASSESSED AREA (ac.):
9/4/2014
3 (1 existing)
1.52
BUDGET DEVELOPER CITY ESCROW
ITEM NECESSARY IMPROVEMENTS COST NOTE IMP. (X) IMP. (Y) AMOUNT (Z)
1 SITE GRADING Estimate e $30,000
2 EROSION CONTROL Estimate e $3,810
3 SITE ENGINEERING & SURVEYING Estimate b $4,141
4 LANDSCAPING Estimate
A. Seeding and Sod Estimate e $1,600
B. Wetland Delination Estimate e
C. Tree Removal Estimate e $6,000
5 STREETS
A. Subgrade/Base Course Estimate e
B. Wear Course Estimate e
6 STORM SEWER CONST.
A. Trunk Estimate e
B. Lateral Estimate e
C. Surface Water Mgmt. $0.075/sf a $4,966
7 SANITARY SEWER CONST.
A. Trunk Unit Charge (2 REU) $2,975/unit a $5,950
B. Lateral (184') $37/ft b,g $0 $6,808
C. Trunk Credit Estimate e
8 WATERMAIN CONST.
A. Trunk Unit Charge (3 REU) $3,939/unit a,f $11,817
B. Lateral (290') $34/ft b $0 $9,860
C. Trunk Credit Estimate e
NOTE:
TOTALS: $45,551 $39,401 $0
See Attachment C for security amounts to be posted
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: Existing house at 260 Linda is on public sanitary and existing well
g: 290' subtract 106' = 184'
DEVELOPER INSTALLED IMPROVEMENTS
PROJECT NAME: Talan Ridge
APPLICANT: Avenger Home Solutions, Inc.
ATTACHMENT C
CITY FEES
NUMBER OF REU's:
ASSESSED AREA (ac.):
9/4/2014
3 (1 existing)
1.52
BUDGET DEVELOPER CITY ESCROW
ITEM NECESSARY IMPROVEMENTS COST NOTE IMP. (X) AMOUNT (Y) AMOUNT (Z)
1 PLANNING/REVIEW
B. Planner Review Fee $1,500 b $1,500
2 ADMINISTRATION
A. Administration/Legal/Publications 3% of const. b $2,540
3 ENGINEERING
A. Plan/Plat/Grading Review $500 b $500
B. Construction Services $500 b $500
C. Construction Staking $0 b $0
D. City Engineering $1,000 b $1,000
4 DEVELOPMENT FEES
A. Park Dedication Fee $2500/unit d $5,000
B. Park Dedication Credit
C. Sealcoating Fee $0.30/SF b $2,088
D. Aerial Photo Fee $90/unit b $180
5 BOULEVARD TREE PLANTING $465/tree b $930
6 DEVLOPMENT SECURITIES
A. Tree Preservation $95/unit b $190
B. Street Lighting - installation $2,500 a
C. Street Lighting - operation $265
D. Traffic Signing $500 a
E. Street, Storm Sewer, Pond Maint. b $500
SUBTOTAL: $0 $0 $14,928
Grading Only Escrow Credit $0 $0 $0
TOTALS: $0 $0 $14,928
SECURITY AMOUNTS TO BE POSTED Att. B Att. C Total
X = DEVELOPMENT IMPROVEMENT COSTS X 1.5 (LETTER OF CREDIT) $68,400 $0 $68,400
Y = CITY IMPROVEMENT COSTS X 0.35 (CASH ESCROW) $13,800 $0 $13,800
Z = CITY FEES X 1.0 (CASH ESCROW) $0 $14,928 $14,928
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