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CommonBond <br /> March 8,2010 <br /> Page 2 <br /> Development Fees For a 42-unit multi-family development as proposed, the Park Dedication <br /> requirement would be 8% of the land, or the equivalent in cash, but no less than $3250/unit and <br /> no more than $5550 per unit. Park Fee could total $136,500-$233,100. <br /> Stormwater & Drainage Trunk Fee would be based on 5.1 gross acres at $7,000 per acre, or <br /> $35,700. <br /> Utility Connection Fees would be due to Long Lake - based on the 2002 Fire Station Site <br /> Agreement, the developer would likely owe Long Lake at least $6,150 per unit for sewer and <br /> water connection charges, or more depending on how Long Lake interprets that Agreement. <br /> Total for 42 units would be at least $258,300. <br /> CommonBond has inkled that they would hope to have the City waive development fees. <br /> Council is asked to provide staff direction regarding the CommonBond proposal. <br />