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<br /> <br />Watercrest of Hugo 2nd Addition 20 <br /> <br /> <br />EXHIBIT C <br /> <br />ESCROWS, FEES AND CHARGES <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 $_______________. This sum is calculated to be four percent (4%) of the <br />estimate of the required Improvements to be installed to serve the development, plus $5,000 which <br />is the 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 <br />to one hundred twenty-five percent (125%) of the estimated amount of the required Improvements. <br />This amount has been calculated by the City Engineer to be $________________. This amount <br />may be reduced upon request of the Developer and approved by the City. At no point shall the <br />Letter of Credit be reduced below ten percent (10%) of the original amount. The City shall have the <br />right to retain the financial guarantee until the Improvements have been completed to the <br />satisfaction of the City and 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 $____________. This sum is calculated to be $0.07 per square <br />foot for the _______ square feet of net developable area within the Plat. <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. 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 <br />Developer shall post a cash escrow with the City in the amount of $__________. <br /> <br /> f) Pavement Maintenance Fee. The Developer shall post a one-time <br />lump sum cash escrow with the City in the amount of $________ to cover the cost of the first <br />pavement maintenance method of the streets in the Plat. This sum is calculated to be $4.00 per foot <br />for the_____feet of streets within the Plat. <br /> <br /> g) Park Dedication. The Developer agrees to pay a park dedication fee <br />of $3,400 per lot for residential development payable before the final plat is signed by the City.