Agenda - Council - 09/25/2007 - Laserfiche WebLink

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make a cash deposit into the appropriate escrow account at the City and the City shall have the authority to draw upon these funds for the purpose of compensating for inspection services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the Stage I Improvements or One Thousand Dollars and no cents ($1,000), whichever is greater. Upon completion of the Improvements to the satisfaction of the City, any surplus balance remaining in the City's escrow account shall be refunded to the DEVELOPER. The DEVELOPER shall make a cash deposit of Dollars and no cents ($ .00) for inspection fees. 8. Stage I Improvement Maintenance Financial Guarantee. In addition to the fmancial guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I Improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be deposited with the CITY at the time Stage I Improvements are accepted by the CITY and prior to release by the CITY of the financial guaran~ee required by Paragraph 6 above. The amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents ($10,000) or five percent (5%) of the cost of the Stage I Improvements, whichever is greater. Said maintenance guarantee shall be held by the CITY for a one (1) year period from the date of its deposit. This financial guarantee is for the purpose of ensuring that the 'Stage I Improvements have been constructed in accordance with City standards and may be called upon at the CITY'S discretion during said one (1) year period if the CITY determines it necessary to repair and/or replace any of the Stage I improvements. Said fmancial guarantee shall be in the form of a letter of credit, approved as to form by the CITY. The maintenance guarantee shall be in the amount of Ten Thousand Dollars and no cents ($ .00). 9. Sewer and Water Trunk Fees. The DEVELOPER agrees to pay the current commercial/industrial sewer and water trunk charges of$3,555.00 per acre and $7,751.00 per acre, respectively, on the 6.2-acre parcel. A payment of $70,097.00 must be received prior to the release of the plat for recording. 10. Stormwater Management Fee. The current Stormwater Management Fee is $4,151.00 per commercial/industrial acre. The amount of Stormwater Management Fee due on the 6.2-acre parcel is Twenty-Five Thousand Seven Hundred Thirty-Six Dollars ($25,736.00). A cash payment will be required prior to the City releasing a building permit. SECTION II PARK DEDICATION 11. Cash Contrib,ution. The Regency Ponds 4th Addition Plat is located in the Marble Recreation District. Park Dedication requirements. shall be satisfied by a cash payment. The current Park Dedication rate for Commercial property is $4,738 per acre, and for Industrial property $3,966 per acre. The Plat is 6.2 acres, which equates to a cash payment of $ .00 (6.2 acres x $ .OO/acre). This payment shall be made to the City prior to the release of the Final Plat for recording. -300- Regency Pond ih Addition Development Agreement Page 4 of9