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Exhibit C <br />Park Dedication and Trail Development Credit Agreement <br />Recitals <br />1. The CITY has authorized a credit to Park Dedication and Trail Development Fees for certain <br />improvements to two (2) areas commonly known as Pearson Park and Lake Itasca Greenway. <br />2. Pearson Park will be fully developed with the first phase of Riverstone Addition. <br />3. Lake Itasca Greenway will be developed with future phases of Riverstone Addition. <br />4. That the Ramsey City Council hereby sets the following Park Dedication and Trail Development <br />Fee Credit Parameters. <br />a. Lake Itasca Greenway <br />i. 100% Park Dedication Cash Credit for that square footage area necessary for the <br />trail (7' foot on either side of the centerline of the 10' foot bituminous trail(s). <br />This credit is at $1.74 per square foot. <br />ii. No credit for land acquisition. <br />iii. Actual construction costs at $50 per lineal foot, plus actual cost for other <br />necessary costs, limited to retaining walls (the $50 per foot includes ancillary <br />costs). <br />iv. Five (5) benches on slabs, at a not -to -exceed cost of $9,600. <br />v. The City responds with the standard hold harmless agreement for public use, in <br />favor of Capstone Homes and associated Home Owners Association. <br />b. Pearson Park <br />i. Actual construction costs pursuant to `Alternative2' as detailed in the May 23rd <br />City Council meeting and June 8th Park and Recreation Commission. <br />ii. Unique, predominately Nature -Based Recreation Facility to be defined as part of <br />Final Plat, subject to the approval of the Parks Superintendent. <br />iii. Total not to exceed Park Dedication Credit amount of $275,300. [Add detailed <br />line item estimates]. <br />THEREFORE, THE CITY AND THE PERMITTEE AGREE AS FOLLOWS: <br />1. Phase 1 Park Dedication and Trail Development Fee Obligation. The PERMITTEE is <br />responsible for a total Park Dedication and Trail Development Fee obligation of $183,600.00. <br />2. Pearson Park Requirements. The PERMITTEE shall construct Pearson Park per Item 4.b above <br />and the Plans. The total cost of Pearson Park shall be at least $275,300.00. <br />3. Lake Itasca Greenway Requirements. The PERMITTEE shall construct Lake Itasca Greenway in <br />future phases per Item 4.a above and the Plans. The total cost of Lake Itasca Greenway shall be at <br />least $ . <br />4. Park Dedication and Trail Development Fee Credit for Pearson Park. The PERMITTEE shall be <br />credited an amount not to exceed $275,300.00. The remaining credit in the amount of $91,700.00 <br />will be credited towards future phases of the Plat. <br />14 <br />