3.8. SR 12-15-2008 - Laserfiche WebLink

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Developer Agreement Twin Lakes Estates 2"d Addition Page 4 4.) Payment of Citv Costs and Fees -Developer shall reimburse the City for all of the City's costs and fees in the processing of the Subdivision, for review of the plans and specifications, and other fees as detailed below: 01) Engineering,Fees -Developer shall reimburse the City for the cost of reviewing the plans and specifications of the improvements. Reimbursement shall be due and payable to the City within Thirty (30) days following receipt of an invoice. 02) Engnneering Escrow -Developer shall provide an escrow for construction observation in the amount of Five (5) percent of the Estimated Costs of Improvements prior to commencement of said Improvements. The escrow shall be in the amount of Sixty Thousand and no/100 dollars ($60,000). Said escrow may also be used by the City, at the City's sole discretion for payment of unpaid engineering fees. Once the escrow is depleted, Developer shall reimburse the City for construction observation. Reimbursement shall be due and payable to the City within Thirty (30) days following receipt of an invoice. (03) Sealcoatin~ -Developer shall pay the City for the first sealcoating of streets in the Subdivision in the amount of Ten Thousand One Hundred and no/100 dollars ($10,100) prior to the City releasing the final plat for recording. (04) Water Availability Charges -Developer shall pay Water Availability Charge in the amount of Twenty Thousand Four Hundred and no/100 dollars ($20,400),($300.00 per lot) prior to the City releasing the final plat for recording. (OS) Surface Water Management Fee -Developer shall pay surface water management fees in the amount of eleven Thousand One Hundred Seventy Eight and 52/100 dollars ($11,178.52), ($164.39 per lot) for each lot in the Subdivision prior to the City releasing the final plat for recording. (06) Park Dedication -Park dedication requirements shall be satisfied by paying the specified amount required by the City at the time of final plat approval. A fee shall be paid in the amount of $136,752, prior to releasing the final plat for recording. If the approval required that park dedication be paid in both land and cash, the land to be dedicated to the City shall be described as Outlot E, Twin Lakes Estates 2nd Addition. (07) Attorney's Fees -Developer agrees to reimburse the City for all costs incurred by the City in defense of enforcement of this contract, or any portion thereof, including court costs and reasonable engineering and attorney's fees. 5.) Security for Developer's Performance - (01) No work shall be commenced under this Agreement, and the Final Plat of the Subdivision will not be executed by the City or released fox recording, until the Developer has filed with the City a cash deposit or an irrevocable and unconditional Letter of Credit acceptable to the City, in the amount of One Million Two Hundred Thousand and no/100 dollars ($1,200,000). Said amount shall be One Hundred (100) percent of the amount noted in Section 3.01 Said Letter of Credit shall also provide that funds shall be paid to the city upon written demand of the city to the extent of default herein by Developer in the payment of any amount due or the performance of any other duty or obligation of Developer pursuant to this Agreement, including Developer's obligations to complete Developer Improvements, to complete on-site Landscape Improvements, and to make payment of special assessments levied pursuant hereto, whether accelerated or otherwise. S:\PLANNING1Agreements\Twin Lakes Estates 2nd.DOC