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<br />19 <br /> <br /> <br />EXHIBIT C <br /> <br />ESCROWS, FEES AND CHARGES <br /> <br /> <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 $18,600.00 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 /> <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. This <br />amount has been calculated by the City Engineer to be $424,988. This amount may be reduced <br />upon 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 /> <br /> c) Storm Water Trunk Fee. The Developer shall pay the City a Storm <br />Water Trunk Fee in the amount of $13,752.00. This sum is calculated to be $0.07 per square foot <br />for the 196,456 square feet of net developable area within the Plat. This fee shall be paid before the <br />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. 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 $225($0.50 x 450 = $225). <br /> <br /> f) Street Maintenance. The Developer shall post a one-time lump sum <br />cash escrow with the City in the amount of $1,800.00 to cover the cost of the first maintenance of <br />the streets in the Plat. This sum is calculated to be $4.00 per foot for the 450 feet of streets within <br />the Plat. <br /> <br /> g) Park Dedication. Park dedication has been satisfied with dedication <br />of Outlot N, Oneka Place. <br /> <br /> h) Cul-de-sac Escrow. N/A