2022.12.19 CC Packet - Laserfiche WebLink

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The Shores of Oneka Lake 23 cash escrow in the amount based on the final bid, plus 25% of the bid amount approved. The City will then release or reduce the letter of credit by that 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 $50,709.00. This sum is calculated to be $0.07 per square foot for the 724,403 square feet of net developable area within the Plat. This fee shall be paid before the Plat is signed by the City. d) 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. e) Snow Plowing. The Developer agrees to pay a one-time lump sum 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 $1,762.50 ($0.50 x 3,525 = $1,762.50). g) Street Maintenance. The Developer shall post a one-time lump sum cash escrow with the City in the amount of $14,100.00 to cover the cost of the first street maintenance the streets in the Plat. This sum is calculated to be $4.00 per foot for the 3,525 feet of streets within the Plat. h) Park Dedication. The Developer agrees to pay a park dedication fee of $2,023 per lot for residential development payable before the final plat is signed by the City. Said fee shall be due for each of the 50 lots within the Plat (i.e. total due $101,150). i) Cul-de-sac Escrow. N/A j) Escrow for Street Signage. Developer shall deposit $12,000.00 into an escrow account with the City. This amount represents an estimated cost of $500/sign for 24 signs to be installed within the development. k) WCA Escrow. N/A l) Sanitary Sewer Trunk Fee. The Developer shall pay the City a sanitary sewer trunk fee in the amount of $81,600.00. This sum is calculated to be $1,632 per lot for the 50 residential lots within this phase.