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EXHIBIT C <br />ESCROWS, FEES AND CHARGES <br />a) Escrow for City Costs and Fees. The Developer shall deposit <br />sufficient escrow with the City as outlined in Section A. 1. The required beginning balance in the <br />account is calculated at $55,512.00. This sum is calculated to be four percent (4%) of the estimate <br />of 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. The Developer shall provide a <br />financial guarantee to the City, in the form of a cash escrow or letter of credit, in the amount equal <br />to one hundred twenty-five percent (125%) of the estimated amount of the required Improvements. <br />This amount has been calculated by the City Engineer to be $1,578,491. This amount may be <br />reduced upon request of the Developer and approved by the City. At no point shall the Letter of <br />Credit be reduced below ten percent (10%) of the original amount. The City shall have the right to <br />retain the financial guarantee until the Improvements have been completed to the satisfaction of the <br />City and the warranty period has expired. <br />c) Cash Escrow for Reconstruction of 130th Street. The Developer is <br />responsible for paying 44% of the construction cost for the reconstruction of 130th Street. The total <br />estimated cost of the construction is $3,558,000.00. The developer shall provide one-third of the <br />construction cost in escrow money to the City or other payment method approved by the City for <br />the improvements to 130th Street. The developer shall provide a financial guarantee to the City, <br />in the form of a cash escrow or other payment method approved by the City, in the amount equal <br />to $521,840.00. <br />d) Storm Water Trunk Fee. The Developer shall pay the City a Storm <br />Water Trunk Fee in the amount of $53,427.00. This sum is calculated to be $0.07 per square foot <br />for the 804,426 square feet of net developable area within the Plat, with credit provided for the <br />stormwater reuse/irrigation system based on the anticipated reduction in water demand. The <br />reduction is calculated at 5%. This fee shall be paid before the Plat is signed by the City. <br />e) Storm Water Ponding Fee. The storm water ponding requirement has <br />been met by the Developer through the incorporation of on -site ponding. No storm water ponding <br />fee will be applied. <br />f) Snow Plowing. The Developer agrees to pay a one-time lump sum <br />cash escrow to the City to cover the cost of snow plowing the roads within the plat, during the first <br />Adelaide Landing 2nd Addition <br />