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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 $66,314.00. This sum is calculated to be four percent (4%) of the estimate of the <br />required Improvements to be installed to serve the development, plus $5,000 which is the minimum <br />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, <br />including the future Oneka Parkway and roadway crossing of Clearwater Creek. . This amount has <br />been calculated by the City Engineer to be $1,916,037.00. This amount may be reduced upon <br />request of the Developer and approved by the City. At no point shall the Letter of Credit be <br />reduced below ten percent (10%) of the original amount. The City shall have the right to retain the <br />financial guarantee until the Improvements have been completed to the satisfaction of the City and <br />the warranty period has expired. <br />c) Storm Water Trunk Fee. The Developer shall pay the City a Storm <br />Water Trunk Fee in the amount of $51,714.66. This sum is calculated to be $0.07 per square foot <br />for the 439,738 square feet of net developable area within the Plat. This fee shall be paid before the <br />Plat is signed by the City. <br />d) 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 />e) Snow Plowing. Developer agrees to pay a one-time lump sum cash <br />escrow to the City to cover the cost of snow plowing the roads within the plat, during the first snow <br />season, before the roads are formally accepted by the City of $.50 per lineal foot. The Developer <br />shall post a cash escrow with the City in the amount of $1,348.00 ($0.50 x 2696 = $1,348.00). <br />f) Sealcoatin . The Developer shall post a one-time lump sum cash <br />escrow with the City in the amount of $10,784.00 to cover the cost of the first sealcoating of the <br />streets in the Plat. This sum is calculated to be $4.00 per foot for the 2696 feet of streets within the <br />Plat. <br />Oneka Place - Development Agreement <br />21 <br />