2020.08.17 CC Packet - Laserfiche WebLink

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Development 22 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 $77,160. This sum is calculated to be four percent (4%) of the estimate of the required improvements to be installed to serve the development. 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 one hundred twenty-five percent (125%) of the estimated amount of the required improvements to be installed to serve the development. This amount has been calculated by the City’s Engineer to be two million four hundred eleven thousand two hundred thirty five dollars ($2,411,235). 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. The Developer shall pay the City a Storm Water Trunk Fee in the amount of $ $26,163.00. This sum is calculated to be $0.07 per square foot for the 373,745 square feet of Net Developable Area within the Plat. This fee shall be paid before the Final Plat is signed by the City. d) Storm Water Ponding Fee. The Developer is providing onsite pond; therefore, the stormwater ponding fee is waived. e) Snow Plowing. Developer agrees to pay a cash escrow to the City to cover the cost of snowplowing the roads within the plat, during the first snow season, before the roads are formally accepted by the City of $0.50 per lineal foot. The Developer shall post a cash escrow with the City in the amount of $ $550 (i.e., $.050x 1,110 = $550). f) Street Maintenance. The Developer shall post a cash escrow with the City in the amount of $ $4,400 to cover the cost of the first sealcoating of the streets in the Plat. This sum is calculated to be $4.00 per foot for the 1,110 feet of streets within the Plat. g) Park Dedication. Developer agrees to pay a park dedication fee of $1,040.00 per unit for residential development payable before the final plat is signed by the City. Said fee shall be due for each of the 84 units within the plat (i.e. total due $87,414.00).