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by the City, a warranty bond is provided, and the Public Improvements are accepted by the City <br />Council. The City standard specifications for utilities construction outline procedures for security <br />reductions as provided in Orono City Code Section 82-214. The warranty bond shall have a <br />duration of twenty-four (24) months. <br />17. STORM WATER ' AND DRAINAGE TRUNK FEE. The Development is <br />subject to a Storm Water and Drainage Trunk Fee in the amount of $128,100.00. The fee is <br />based on the gross area of the final Plat less any area credit for pond area, and is calculated as <br />follows: <br />$7,320.00 per acre x 17.5 acres = $128,100.00 The total fee for the <br />Development of $128,100.00 shall be paid by the Developer in cash upon the execution of this <br />Agreement. In no event shall any additional fee for Storm Water and Drainage Trunk be payable <br />by Developer or assessed against the Development Property as a result of the construction of the <br />Public Improvements as defined herein. The Development Property shall not be subject to a <br />special assessment in connection with the initial installation of the street labeled "Orono <br />Industrial Boulevard" on the land to the east of the Development Property. <br />18. PARK DEDICATION FEE. Developer shall pay a Park Dedication Fee for Lot <br />1, Block 1, based upon 8% of the market value of the property calculated as follows: <br />$750,000.00 x 8% = $601000.00 <br />The Developer shall also pay a Park Dedication Fee for Lot 2, Block 2 calculated as <br />follows: <br />3.01 acres x $13,875.001acre = $41,764.00 <br />132281 v11 <br />-13- <br />130 <br />