2021.07.19 CC Packet - Laserfiche WebLink

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Acres of Bald Eagle 19 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 $23,523.00. 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. 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 $578,829.00. 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) Cash Escrow for Street and Utility Construction. The Developer is responsible for paying the construction cost of the street and utility construction required for the development. The total estimated cost of the construction is $737,404.60. The developer shall provide a financial guarantee to the City, in the form of a cash escrow or other payment method approved by the City, in the amount equal to $737,404.60. d) Storm Water Trunk Fee. The Developer shall pay the City a Storm Water Trunk Fee in the amount of $37,079. This sum is calculated to be $0.07 per square foot for the 439,738 square feet of Net Developable Area within the Plat. This fee shall be paid before the Final Plat is signed by the City. e) Storm Water Ponding Fee. The storm water ponding requirement has been met by the Developer through the incorporation of on site ponding. No storm water ponding fee will be applied. f) Snow Plowing. Developer agrees to pay a cash escrow to the City to cover the cost of snow plowing the roads within the plat, during the first snow season, before the roads are formally accepted by the City of $.50 per lineal foot. The Developer shall post a cash escrow with the City in the amount of $969.50 ($0.50 x 450 = $252.00).