Laserfiche WebLink
<br /> <br />Meadows at Hugo 2nd Addition 19 <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 $30,807.00. 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 to <br />one 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 $806,468. This amount may be reduced upon <br />request of the Developer and approved by the City. At no point shall the Letter of Credit be reduced <br />below ten percent (10%) of the original amount. The City shall have the right to retain the financial <br />guarantee until the Improvements have been completed to the reasonable 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 $41,988.00. This sum is calculated to be $0.07 per square foot for <br />the 543,388 square feet of net developable area within the Plat. This fee shall be paid before the Plat <br />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 fee <br />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 Developer <br />shall post a cash escrow with the City in the amount of $552.50 ($0.50 x 1,105= $552.50). <br /> <br /> g) Street Maintenance. The Developer shall post a one-time lump sum <br />cash escrow with the City in the amount of $4,420.00 to cover the cost of the first street maintenance <br />the streets in the Plat. This sum is calculated to be $4.00 per foot for the 1,105 feet of streets within <br />the Plat. <br /> <br /> h) Park Dedication. As provided in Section 7.h. of Exhibit B, the <br />Developer agrees to pay a park dedication fee of $2,400 per lot for residential development payable <br />before the final plat is signed by the City. Said fee shall be due for each of the 39 Lots within the Plat