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�O�p CITY OF ORONO <br /> RESOLUTION OF THE CITY COUNCIL <br /> �� NO. 71 7 7 <br /> G <br /> `�1 ES HO�� <br /> B. Dedication of "drainage and utility easements" as directed by the City <br /> Engineer. <br /> C. Naming of plat. <br /> D. Street Name <br /> 2. Legal documents required: <br /> A. Title opinion addressed to the City or a title insurance policy in favor of <br /> the City. All owners, mortgage holders or others with property interest <br /> indicated therein shall sign the plat and all other documents affected by <br /> such interest. <br /> B. The applicant must provide certified copies of all recorded easements <br /> currently affecting the property. <br /> C. Signed Developers Agreement and Letter of Credit for construction of <br /> improvements. The City Engineer shall establish the amount to be <br /> provided in the Letter of Credit. <br /> 3. Final plat approval fee to be paid: Total due: $500.00 <br /> H. Development Agreement. Development Approval is contingent upon the successful <br /> execution of a Development Agreement between the applicant and the City. Such <br /> Agreement shall address all specific City requirements for the development. <br /> I. Financial Guarantee. The Development Agreement shall include a financial guarantee <br /> by the applicant to ensure the completion of site improvements. The City Engineer shall <br /> complete an estimate of improvement costs,including but not limited to public streets,curb <br /> & gutter, sidewalks, stormsewers, landscaping, grading, erosion control, utilities, <br /> driveways and parking areas,trails,sidewalks,retaining walls and stormwater management <br /> facility construction, and the applicant shall provide to the City a financial guarantee of <br /> 125%of the improvement costs. <br /> J. Storm Water and Drainage Trunk Fee. The property will be subject to the Stormwater <br /> and Drainage Trunk Fee,due at the time of final plat approval,described in the Conditions <br /> above.The Stormwater and Drainage Improvement Fee is$31,328.10(2021 fee schedule). <br /> K. Park Dedication The City Code requires dedication of 8% of the land as public park, or <br /> payment of the equivalent value in cash. The City Council has determined there is no need <br /> for dedication of land from the proposed development.Therefore,payment of the standard <br /> Park Dedication fee for 37 new building lots will be required. The Park Dedication Fee is <br /> calculated due at the time of final plat approval. <br /> 13 <br />