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<br /> <br />The Shores of Oneka Lake 22 <br /> <br />EXHIBIT C <br /> <br />ESCROWS, FEES AND CHARGES <br /> <br /> <br /> a) Escrow for City Costs and Fees. <br /> <br />Development Construction: <br /> <br />The Developer shall deposit sufficient escrow with the City as outlined in Section A. 1. The <br />required beginning balance in the account is calculated at $147,413.00. This sum is calculated to be <br />four percent (4%) of the estimate of the required Improvements to be installed to serve the <br />development, plus $5,000 which is the minimum balance required in the account. <br /> <br />Highway 61 Roundabout Construction: <br /> <br />The Developer shall deposit sufficient escrow with the City as outlined in Section A. 1. The <br />required beginning balance in the account is calculated at $204,769.79.00. This sum is calculated <br />to be four percent (8%) of the estimate of the required Improvements to be installed to for the <br />construction of the roundabout, plus $5,000 which is the minimum balance required in the account. <br /> <br /> b) Cash Escrow or Letter of Credit. <br /> <br />Development Construction: <br /> <br />The Developer shall provide a financial guarantee to the City, in the form of a cash escrow or letter <br />of credit, in the amount equal to one hundred twenty-five percent (125%) of the estimated amount <br />of the required Improvements. This amount has been calculated by the City Engineer to be <br />$4,450,403.00. This amount may be reduced upon request of the Developer and approved by the <br />City. At no point shall the Letter of Credit be reduced below ten percent (10%) of the original <br />amount. The City shall have the right to retain the financial guarantee until the Improvements have <br />been completed to the satisfaction of the City and the warranty period has expired. <br /> <br />Highway 61 Roundabout Construction: <br /> <br />The Developer shall provide a financial guarantee to the City, in the form of a cash escrow or letter <br />of credit, in the amount equal to one hundred twenty-five percent (125%) of the estimated amount <br />of the required Improvements. This amount has been calculated by the City Engineer to be <br />$2,463,274.79.00. The City shall provide the Developer with the approved low bid for the project. <br />Upon awarding the contract and issuing a notice to proceed, the developer shall provide the City