2016.06.06 CC Packet - Laserfiche WebLink

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EXHIBIT C ESCROWS FEES AND CHARGES a) Escrow for City Costs and Fees. Developer shall deposit sufficient escrow with the City as outlined in Section A. 1. The required beginning balance in the account is calculated at $ . This sum is calculated to be four percent (4%) of the estimate of the required Improvements to be installed to serve the development, plus $5,000 which is the minimum balance required in the account. b) Cash Escrow or Letter of Credit. Developer shall provide a financial guarantee to the City, in the form of a cash escrow or letter of credit, in the amount equal to one hundred twenty-five percent (125%) of the estimated amount of the required Improvements. This amount has been calculated by the City Engineer to be $ . This amount maybe reduced upon request of the Developer and approved by the City. At no point shall the Letter of Credit be reduced below ten percent (10%) of the original amount. The City shall have the right to retain the financial guarantee until the Improvements have been completed to the satisfaction of the City and the warranty period has expired. C) Storm Water Trunk Fee. The Developer shall pay the City a Storm Water Trunk Fee in the amount of $201210 00. This sum is calculated to be $0.07 per square foot for the 288,803 square feet of net developable area within the Plat. This fee shall be paid before the Plat is signed by the City. d) Storm Water Ponding_Fee. The storm water ponding requirement has been met by the Developer through the incorporation of on-site ponding. No storm water ponding fee will be applied. e) Snow Plowing. Developer is proposing private drives within the development. f) SealcoatinDeveloper is proposing private drives within the development. g) Park Dedication. Park dedication has been satisfied with previous phases of the development. h) Cul-de-sac Escrow. N/A i) Escrow for Street Siianage. Developer shall deposit $ into an Victor Gardens North "illage 7th 21