Laserfiche WebLink
EXHIBIT C <br />ESCROWS, FEES AND CHARGES <br />a) Escrow for City Costs and Fees. Developer shall deposit sufficient <br />escrow with the City as outlined in Section A. 1. The required beginning balance in the account is <br />calculated at . This sum is calculated to be four percent (4%) of the estimate of <br />the required improvements to be installed to serve the development, plus $5,000 which is the <br />minimum balance required in the account. <br />b) Cash Escrow or Letter of Credit. Developer shall provide a financial <br />guarantee to the City, in the form of a cash escrow or letter of credit, in the amount equal to one <br />hundred twenty-five percent (125%) of the estimated amount of the required improvements to be <br />installed to serve the development. This amount has been calculated by the City's Engineer to be <br />This amount may be reduced upon request of the Developer and <br />approved by the City. At no point shall the Letter of Credit be reduced below 10% of the original <br />amount. The City shall have the right to retain the financial guarantee until the improvements have <br />been completed to the satisfaction of the City and the warranty period has expired. <br />C) <br />Storm Water Trunk Fee. The Developer shall pay the City a Storm <br />Water Trunk Fee in the amount of <br />This sum is calculated to be $0.07 per square <br />foot for the square feet of Net Developable Area within the Plat. This fee shall be <br />paid before the Final Plat is signed by the City. <br />d) Storm Water Ponding _Fee. The storm water ponding requirement has <br />been met by the Developer within the plat. No storm water ponding fee will be applied. <br />e) Snow Plowing. Developer agrees to pay a cash escrow to the City to <br />cover the cost of snow plowing the roads within the plat, during the first snow season, before the <br />roads are formally accepted by the City of $.50 per lineal foot. The Developer shall post a cash <br />escrow with the City in the amount of $ ($0.50 x = $ k. <br />f) Sealcoatin.,�. The Developer shall post a cash escrow with the City in <br />the amount of $ to cover the cost of the first sealcoating of the streets in the Plat. This <br />sum is calculated to be $4.00 per foot for the _ _ feet of streets within the Plat. <br />g) Park Dedication. Developer agrees to pay a park dedication fee of <br />$2,400 per lot for residential development payable before the final plat is signed by the City. Said <br />Clearwater Cove 4th Addition <br />20 <br />