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<br />Adelaide Landing 4th Addition 21 <br /> <br />EXHIBIT C <br /> <br />ESCROWS, FEES AND CHARGES <br /> <br /> <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 $19,825. 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 /> <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 $463,267. 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 Imp rovements have been completed to the satisfaction of the <br />City and the warranty period has expired. <br /> <br /> c) Storm Water Trunk Fee. The Developer shall pay the City a Storm <br />Water Trunk Fee in the amount of $15,439. This sum is calculated to be $0.07 per square foot for <br />the 232,160 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 /> <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 /> <br /> e) 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 />snow season, before the roads are formally accepted by the City of $.50 per lineal foot. The <br />Developer shall post a cash escrow with the City in the amount of $400 ($0.50 x 800 = $400). <br /> <br /> f) Sealcoating. The Developer shall post a one-time lump sum cash <br />escrow with the City in the amount of $3,200 to cover the cost of the first sealcoating of the streets <br />in the Plat. This sum is calculated to be $4.00 per foot for the 800 feet of streets within the Plat. <br /> <br /> g) Park Dedication. The Developer agrees to pay a park dedication fee <br />of $1,128 per lot for residential development payable before the final plat is signed by the City.