Agenda - Council - 09/23/2008 - Laserfiche WebLink

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standards and may be called upon at the CITY'S discretion during said one (1) year period if the CITY determines it necessary to repair and/or replace any of the Stage I improvements. Said financial guarantee shall be in the form of a letter of credit, approved as to form by the CITY. The maintenance guarantee shall be in the amount of Ten Thousand Dollars and no cents ($10,000.00). 9. Sewer and Water Trunk Fees. The DEVELOPER agrees to pay the current commercial sewer and water trunk charges of $3,630.00 per acre and $7,914.00 per acre, respectively, for the 4.5 acre LotI, Block 1. A payment of Fifty One Thousand Nine Hundred Forty Eight Dollars and no cents ($51,948.00) must be received at the City prior to the release of the Plat for recording. SECTION II PARK DEDICATION 10. Cash Contribution. The Plat is located in the Autumn Heights Recreation District. The DEVELOPER and the CITY herein agree that the'park dedication requirements shall be satisfied by a land contribution equal to 5% or the gross area of the entire Plat versus only platted, buildable lots (i.e. Lot 1, Block 1). A land contribution of 1.9 acres is due to the City (5% x 37.5 acres). It is herein agreed that the land contribution shall consist of a sixty-six (66) foot wide corridor along the west boundary of the Plat, identified as Outlot A on the Plat. Outlot A is 2.0 acres in size. The DEVELOPER shall deed this Outlot A to the City in a separate, recordable document. Any additional park dedication requirements due to the CITY for future development of Outlot B shall be reconciled against the land contribution received with this Plat. The recordable document to transfer Outlot A to the CITY shall be delivered to the CITY prior to the CITY releasing the Plat for recording. SECTION III TRANSPORTATION AND LANDSCAPING 11. Trail Development and Fees. The City Council has enacted a trail development fee in the amount of One ThousandNinety Dollars and no cents ($1,090.00) per acre for commercial uses. Therefore, a payment in the amount of Four Thousand Nine Hundred and Five Dollars and no cents ($4,905.00) (4.5 acres x $1,090/acre) shall be paid to the CITY to satisfy trail development fees for Lot 1, Block 1. The DEVELOPER shall also provide a _ foot wide . easement for trail purposes in a separate, recordable document to accommodate the future construction of a trail along the east boundary of the Plat, parallel to Variolite Street N. W. The payment of the trail fees and the recordable document to convey the trail easement to the CITY shall be completed prior to the CITY releasing the Plat for recording. Saint Katharine Drexel Catholic Church Development Agreement Page4of9 -247-