Laserfiche WebLink
• <br /> O Financial Guarantee. The Developers Agreements for the Senior Housing and <br /> the Office Site are two separate Agreements. Each include the requirement of a <br /> financial guarantee by the applicant to ensure the completion of site <br /> improvements. The City Engineer will complete an estimate of improvement <br /> costs when final plans have been submitted and approved, including but not <br /> limited to landscaping, grading, erosion control, utilities, driveways and parking <br /> areas, trails, sidewalks, retaining walls and stormwater management facility <br /> construction, and the applicant shall provide to the City a financial guarantee of <br /> 150% of the improvement costs (letter of credit is City's standard practice). <br /> Developer needs to discuss with City how the costs should be divided between the <br /> two sites if they are not developed concurrently... <br /> O Park Dedication Fee. Payment of Park Dedication fee of$33,125 for the Office <br /> site and $31,000 for the Senior Housing site. <br /> O Sewer and Water Connection Charges. No sewer and water connection charge <br /> is due for the Office site. However, the amount of the S&W connection charge <br /> attributable to the Senior Housing site (which amount will be deferred) is arrived <br /> at by use of the following formula: <br /> (A+ B) - 41 x 6.7 acres x $13,545/acre = Connection Charge Due <br /> (A+ B) <br /> where: A=number of senior housing dwelling units = 62 <br /> B = number of SAC units required for office building <br /> 41 =number of sewer/water units paid previously <br /> If the Office building requires 12 SAC units, then the amount to be deferred <br /> for the Senior Housing is: <br /> [(62+12)-41]/(62+12)= 33/74 = 0.446 x 6.7 x $13,545 = $40,475 <br /> If the office building requires 10 SAC units, then the amount to be deferred for the <br /> Senior Housing is: <br /> [(62+10)-41]/(62+10) = 31/72 = 0.431 x 6.7 x $13,545 = $39,114 <br /> Page 4 of 4 <br />