08-14-2023 Council Packet - Laserfiche WebLink

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6 227533v1 of the Contract, as determined by the City, the City will execute a recordable certificate of completion confirming such completion and release of the Land from provisions of this Contract relating thereto. 18. City Engineering Administration and Construction Observation. Developer shall pay a fee for engineering administration. City engineering administration will include monitoring of construction observation, consultation with Developer and its engineer on status or problems regarding the project, coordination for final inspection and acceptance, project monitoring during the warranty period, and processing of requests for reduction in the Security. Fees for this service shall be at standard hourly rates. These fees shall be billed monthly. 19. Storm Water and Drainage Trunk Fee. The Property is subject to a Storm Water and Drainage Trunk Fee of $8,060.00 per lot, for a total of $16,120.00. (2 lots x $8,060.00 = $16,120.00) 20. Park Dedication Fee. The Property is subject to a Park Dedication Fee of $7,925.73 for one new lot. (1 lot x $7,925.73 = $7,925.73) 21. Sanitary Sewer Charges. The Project is subject to Sanitary Sewer Charges totaling $15,730.00, based on the 2023 Orono Fee Schedule, as follows: A. Metropolitan Council SAC Fee: $2,485.00 per lot (due at the time of Final Plat) ($4,970.00) B. Connection Permit: $50.00 per lot (due at the time of individual building permits) C. Connection Inspection fee: $100 per lot (due at the time of individual building permits) D. Connection Fee: $5,380.00 per lot due at the time of Final Plat) ($10,760.00). 22. Final Plat Fee. The Project is subject to a Final Plat fee of $550.00, based on the 2023 Orono Fee Schedule. The City acknowledges that Developer has already paid $500.00 of this fee. 23. Landscaping. No landscaping plan is associated with this Plat. 24. Summary of Security Requirements. The terms of this Contract, payment of the costs of all Improvements and construction of all Improvements, the Developer shall furnish the City with security in form acceptable to the city attached hereto as Exhibit C (the "security"), equal in amount to 150% of the cost of the Improvements, including any required landscaping. The amount of the security shall be $119,220.00. The amount of the security includes all of the security requirements set forth in this Contract, and was calculated as follows: Construction Costs: Sanitary Sewer Installation = $79,4800.00 Total Security (Construction Costs x 150%) = $119,220.00 The bank shall be subject to the approval of the City Administrator. The City may draw down the security, upon five (5) business days' prior written notice to Developer, for any violation of the terms of this Contract. Amounts drawn shall not exceed the amounts necessary to cure the default. If the Improvements are not completed at least thirty (30) days prior to the expiration of the DRAFT