2019.06.03 CC Packet - Laserfiche WebLink

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Waters Edge 6th Addition 21 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, which has been satisfied. 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 ten percent (10%) of the cost to grade the property, plus one hundred twenty-five percent (125%) of the estimated amount of the required roadway and utility improvements to be installed to serve the development. This amount has been calculated by the City’s Engineer to be $______. This amount may be reduced upon request of the Developer and approved by the City. At no point shall the Letter of Credit be reduced below 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. Not applicable. This fees was paid with a previous phase of the development. d) Storm Water Ponding Fee. The storm water ponding requirement has been met by the Developer within the plat. No storm water ponding fee will be applied. e) Snow Plowing. Not applicable. The streets are private in the development. f) Sealcoating. Not applicable. The streets are private in the development. g) Park Dedication. Park Dedication for the plat was satisfied as part of a previous development approval, and no additional park dedication is required. h) Cul-de-sac Escrow. N/A i) Escrow for Street Signage. Not applicable. The streets are private in