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RESOLUTION NO. 4915 EXHIBIT B - Development Fees Schedule Commencement of Phase One improvements shall not occur until Developer has made payment to the City of the prorated portion of the Development Fees (Park Dedication Fee, Storm Water and Drainage Trunk Fee, and Sewer and Water Connection Charges) for Phase One. Commencement of Future Phase improvements shall not occur until Developer has made payment to the City of the prorated portion of the Development Fees associated with said Future Phase. The Development Fees for each Phase shall be based on the proportional acreage or number of units within each Phase depending on the method of calculation of each fee,relative to the total project, as defined below. I. Park Dedication Fee Fee Calculation Based on Ordinance A. Commercial Outlots. The park fee for each of the commercial outlots (Outlots A and D) shall be due upon City Council approval of a development proposal for each lot and shall be paid prior to issuance of permits for construction within each Outlot. The amount of the park fee for the commercial outlots by City ordinance is 8% of the Land Fair Market Value prior to development. The combined Land Fair Market Value for the commercial outlots is established at$1,272,054 based on the combined area within the Outlots of 7.393 acres @ $3.95/s.f established value per square foot. Fair Market Value = 7.393 acres x 43,560 sf/acre x$3.95/sf=$1,272,054 8%Park Fee=0.08 x$1,272,054=$101,764 Min/max range check(must be between$8,125/ac and$13,875/ac): $101,764/7.393 acres=$13,764/ac. ✓ B. Residential. The residential park fee is based on the value of the land being developed residentially. The park fee for the residential portion of the development by City ordinance is 8% of the Land Fair Market Value prior to development.The established value of the land is based on the developers purchase price of the residential portion of the property which is$4,587,155. 8%Park Fee=0.08 x$4,587,155 =$366,972 Min/max range check: (must be between $3,250/unit and$5,550/unit) $366,972/162 units=$2,265/unit(below required min-max range) Minimum fee applied: 162 units x$3,250/unit=$526,500 Phasing A. Residential. Proration of Fee Payments: The number of dwelling units within each Phase divided by the total number of units within all Phases shall determine the fraction of of the total fee due. B. Commercial. Proration: If Outlots A and D are not developed at the same time,the acreage of the outlot being developed divided by the total acreage of both outlots shall determine the fraction of the total fee due. Page 1 of 4