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13 <br />LA515\160\1053952.v2 <br />Agreement. Upon receipt of “record plans” and affidavits, and upon review and verification by the <br />City Engineer that the public Subdivision Improvements have been completed in accordance with <br />the terms of this Agreement, including all punch list items, the City will accept the completed public <br />watermain and public sanitary sewer Improvements. <br />22. PARK DEDICATION. The City has approved a parkland dedication credit of 1.16 acres <br />for the conveyance of Ivywood Park in prior Inwood phases which the Developer has deeded to <br />the City. The Developer shall pay a cash contribution of $169,041 to satisfy the City’s park <br />dedication requirements for the proportion of the subdivision to be developed with townhomes <br />which is equal to 0.59 gross acres (.59ac = .77 acres x 76%). The purchase price of the property <br />is $287,254 per acre. Therefore, the amount of the cash contribution in lieu of land dedication is <br />$169,041 (0.59 acres x $287,254/acre). The park dedication fee shall be paid by the Developer <br />before recording the final plat. A total of .18 gross acres of park dedication will be required upon <br />approval for the final plat of Outlot E of the Inwood Townhomes plat where a future multifamily <br />project is anticipated by a separate developer. This number of acres is equal to the proportional <br />share of the future multifamily site (0.18=.77 acres x 24%) relative to the area of townhomes <br />(.59=.77 acres x 76%). <br />23. SANITARY SEWER AND WATER UTILITY AVAILABILITY CHARGES (SAC <br />AND WAC). The Developer shall be responsible for the payment of all sewer availability charges <br />(SAC) and all water availability charges (WAC) with respect to the Subdivision Improvements <br />required by the City and any state or metropolitan government agency. <br />The sewer availability charge (SAC) in the amount of $3,000.00 per Residential Equivalent <br />Charge (“REC”) shall be paid by the Developer to the City before recording the final plat. The total <br />amount to be paid by the Developer is $162,000. <br />The water availability charge (WAC) in the amount of $3,000.00 per REC shall be paid by <br />the Developer to the City before recording the final plat. The total amount to be paid by the