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1.Creation ofihe plat of STONEB AY including Lots, Blocks, and Outlets fi)r immediate and <br />future phased development for residential and non-residential uses; <br />2.Rezoning of the portion of property north of Kelley Parkway to RPUD Residential <br />Planned Unit Development District; <br />3. Establishment of conditions for development within PUD No. 4; and <br />WHEREAS, the Applicants have agreed to execute Planned Unit Development No. 4B <br />Agreement providing forthe installation of certain improvementsasaconditionofsiteplanqjproval fordie <br />construction of the StondMy Lofts, a 57-unit residential condominium building, and which Agreement <br />documents the general and detailed conditions for use and development of the Property; and <br />WHEREAS, the Developer has completed or has agreed to complete all other <br />requirements of the Zoning Code and related Ordinances of the City including: <br />1.Submittal of Minndiaha Creek Watershed District (MCWD) permit approving the <br />erosion control, grading and stmmwater management facilities plan for the development <br />of the Property per a Grading, Drainage and Erosion Control Plan to be submitted by the <br />Developer subject to approval by the City Engineer. <br />2.Payment to the City of Stormwater and Drainage Trunk Fees for the development <br />of die Property in the amount of$94,404based on the following formula as established in <br />Exhibit M of the Planned Unit Development No. 4 Agreement: <br />Trunk Fee, 2005 Fee Schedule “ $5,825 per ecre <br />Oroes acreage of Reaidential portion of STONEBAY > 41.55 acres <br />Subtotal Reeidential SW&OT Fee - 41.55 x $5,825 - $242,029 <br />Tranafer from commercial: <br />Graaa commcrdal SWADT Pee: 9.90 acres x S6,65S/acrc - $65,885 <br />Net commrciai SWADT Pec: 7.19 acres x $6,655/acrc - $47,849 <br />Transfer to RasMcattal - $65,88$ - 47,849 - $18,036 <br />Total Stonebay Residential SWAOT Fee - $242,029 + 18,036 - $260.065 <br />Proration: Lofts units / total units " portion due for Lofts <br />Lofts~57units Total units (after Lofts reduction) ■■ 157unitt <br />57 / 157 - 0.363 X $260,065 - $94«4M <br />Page 2 of 7 <br />Iir iftanihuii