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by the City, a warranty bond is provided, and the Public Improvements are accepted by the City <br /> Council. The City standard specifications for utilities construction outline procedures for security <br /> reductions as provided in Orono City Code Section 82-214. The warranty bond shall have a <br /> duration of twenty-four(24)months. <br /> 17. STORM WATER AND DRAINAGE TRUNK FEE. The Development is <br /> subject to a Storm Water and Drainage Trunk Fee in the amount of $128,100.00. The fee is <br /> based on the gross area of the final Plat less any area credit for pond area, and is calculated as <br /> follows: <br /> $7,320.00 per acre x 17.5 acres = $128,100.00 The total fee for the <br /> Development of$128,100.00 shall be paid by the Developer in cash upon the execution of this <br /> Agreement. In no event shall any additional fee for Storm Water and Drainage Trunk be payable <br /> by Developer or assessed against the Development Property as a result of the construction of the <br /> Public Improvements as defined herein. The Development Property shall not be subject to a <br /> special assessment in connection with the initial installation of the street labeled "Orono <br /> Industrial Boulevard" on the land to the east of the Development Property. <br /> 18. PARK DEDICATION FEE. Developer shall pay a Park Dedication Fee for Lot <br /> 1, Block 1, based upon 8%of the market value of the property calculated as follows: <br /> $750,000.00 x 8% = $60,000.00 <br /> The Developer shall also pay a Park Dedication Fee for Lot 2, Block 2 calculated as <br /> follows: <br /> 3.01 acres x $13,875.00/acre= $41,764.00 <br /> 132281 v1 <br /> - 11 - <br />