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for said completion and draw upon the escrow for payment. Only the City Council shall have the <br />authority to direct completion of the Required Improvements and withdraw from the escrow <br />account. The PERMITTEE hereby grants permission and a license to the CITY and/or its <br />contractors and assigns to enter upon the Subject Property for the purpose of completing the <br />construction and installation of the Required Improvements in the event of the PERMITTEE's <br />default. <br />10. Site Inspection Fees (escrow). The PERMITTEE shall be responsible for all site inspection costs <br />incurred by the CITY related to the installation of Required Improvements. The PERMITTEE <br />shall make a cash deposit into the appropriate escrow account at the CITY and the CITY shall <br />have the authority to draw upon these funds for the purpose of compensating for inspection <br />services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the <br />Required Improvements, which equates to Twenty -One Thousand Nine Hundred Ninety -Two <br />Dollars and No Cents ($21,992.00) (5% x ($245,696.00 = $182,469.00)). Upon completion of <br />the Required Improvements to the satisfaction of the CITY, any surplus balance remaining in the <br />CITY's escrow account shall be refunded to the PERMITTEE. <br />SECTION II <br />DEVELOPMENT FEE INFORMATION <br />The Subject Property is being re -platted as a buildable lot of record and outlot through the "COR SIX" <br />plat. The following development fees are based on a lot area of 0.76 acres, due upon recording of the Plat: <br />a. Park and Trail Dedication. Park dedication totaling $4,104.00 based on the rate of $4,500 per acre <br />and Trail dedication at $1,064.00 based on the rate of $1,400 per acre. <br />b. Water Trunk (Connection) Fee of $7,563.00 based on the rate of $7,563 per acre. <br />c. Sanitary Sewer Trunk (Connection) Fee of $4,185.00 based on the rate of $4,185 per acre. <br />d. Stormwater Management Fee of $4,166.00 based on the rate of $5,481 per acre. <br />e. COR Stormwater Regional Basin contribution in lieu of on -site construction in the amount of <br />$5,125 based on the PERMITTEE's estimate. <br />f. Street Sign Charge of $1,060 to install four signs at $265.00 each: One "no right turn" sign on <br />Zeolite Street and three 1-Hour Parking signs on Sunwood Drive. The CITY will install these <br />signs. <br />SECTION 111 <br />PERMITS AND OCCUPANCY <br />11. Requirements for Building Permit. <br />a. No building permit shall be issued until the PERMITTEE has: (a) installed a Class 5 driving <br />surface to within 300 feet of the structure; (b) provided the CITY Building Official with a <br />Certificate of Survey; (c) provided the financial guaranty described in Section I Paragraph 9 to <br />the CITY; and (d) obtained all necessary permits from the Lower Rum River Watershed <br />CorTrust Bank, N.A. <br />Development Agreement <br />Page 4 of 9 <br />