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<br />229446v1 <br />4476897.v2 <br />Based on past experience it is estimated that an escrow of five percent (5%) shall be sufficient to cover the <br />City related expenses associated with the work. Delays, change in work scope, contractor performance, etc. <br />can all contribute to this amount not being sufficient. All City costs experienced in excess of the escrow are <br />the responsibility of the Developer. These costs will be billed directly to the Developer and become due per <br />the terms stated in Section 26. Upon acceptance of all completed improvements, as required by this <br />agreement, any remaining balance will be returned to the Developer within 30 days. <br /> 18. SANITARY SEWER EXTENSION FEE. The parent parcels of the Meadowsweet Bend plat <br />were not assessed the trunk portion of the sanitary sewer that extends along the south side of the subdivision; <br />therefore, this phase of development of Meadowsweet Bend is subject to a sanitary sewer extension fee <br />calculated as follows: <br />33 dwelling units x $9030.00/unit = $297,990.00 <br />The fee is due prior to releasing the final plat for recording. <br /> 19. CONSTRUCTION ACCESS. Construction traffic for grading, public utility construction, and <br />public street construction is restricted to access the subdivision via County Road 33 (Ranch Road). No <br />construction traffic is permitted on the adjacent local streets. <br /> 20. PARK DEDICATION. The Developer shall pay a pro-rated cash contribution of $74,055.63 in <br />satisfaction of the City’s park dedication requirements. The charge was calculated as follows: 33 lots at $ <br />2,244.11 per lot. <br /> The pro-rated amount is calculated at 73.2% of the standard park dedication rate ($3,065.73/lot) <br />outlined in the city’s fee schedule. The reduced amount accounts for two parcels to be dedicated to the City <br />as partial credit for the full dedication requirement. The two parcels are identified with the city council’s approval <br />of the preliminary plat. First, the 1.65-acre outlot along the east side of Burr Oak Park. Second, the parcel <br />abutting the northwest corner of Burr Oak Bark, less the area encumbered by the overhead power easement, <br />calculated at 0.74 acres. Ordinance requires a full land dedication of 8.7984 acres. The described land <br />dedication shall occur with future plats of the Property and will then satisfy 26.8% of dedication requirements, <br />leaving 73.2% to be satisfied with a per lot cash dedication. <br />Page 225 of 309