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Page 10 <br />be provided in the Letter of Credit. <br />3). Final plat application fee to be paid. <br /> <br />4). Development Agreement. Development Approval is contingent upon the <br />successful execution of a Development Agreement between the applicant and the <br />City. Such Agreement shall address all specific City requirements for the <br />development. <br /> <br />5). Financial Guarantee. The Development Agreement shall include a <br />financial guarantee by the applicant to ensure the completion of site improvements. <br />The City Engineer shall complete an estimate of improvement costs, including but <br />not limited to stormwater management, landscaping, grading, erosion control, <br />utilities, driveways and parking areas, trails, sidewalks, and retaining walls, and the <br />applicant shall provide to the City a financial guarantee of 125% of the <br />improvement costs. <br /> <br />6). Fees required: <br /> <br />Development of the property is subject to the various fees. Below is a summary <br />of the fees, collectible in full at the time of approval of the final plat. The fees <br />below, based on the 2021 fee schedule, will be recalculated at the time of Final Plat: <br /> Sewer Connection Charge: <br /> $5,380/unit x 48 units = $258,240.00 <br /> Water Connection Charge: <br /> $4,370/unit x 48 units = $209,760.00 <br /> Stormwater & Drainage Trunk Fee: <br /> Residential > 4 units/acre: $8,490/ac x 2.48 acres = $21,055.00 <br />A SAC fee imposed by the Metropolitan Council will be due upon issuance of the <br />building permit. <br />C. This General Concept Plan and Preliminary Plat approval is based upon the known issues <br />that may affect this project, but this approval does not limit the City from revising or <br />amending these conditions as the review process continues. <br /> <br />D. This General Concept Plan Approval resolution approves the development concept subject <br />to the applicant meeting the requirements of this resolution and all other requirements of <br />the City. This resolution does not permit construction of the project illustrated in Exhibit <br />A. Such approval shall only be considered when the City Council approves the Master