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i�� � O _ I • O O � �b - CITY of ORONO � � '� RESOLUTION OF THE CITY COUNCIL ��kE IIp4�G NO. � � � � S • F. Firiancial Guarantee. The Development Agreement shall include a financial guarantee by the applicant to ensure the completion of site improvements. The City Engineer shall complete an estimate of improvement costs, including but not limited to landscaping, grading, erosion control, utilities, driveways and parking areas, trails, sidewalks, retaining walls and stormwater management facility construction, and the ' applicant shall provide to the City a financial guarantee of 150% of the improvement costs. G. Park Dedication. City will waive the RPUD requirements for 10% site dedication for private parks for the senior housing project. The standard . Park Dedication fee shall be paid by the developer for the senior hotising site at the standard residential rate provided by City ordinance (8% of the fair market value of the site but not less than $3,100 per dwelling unit). iThe City Council may agree to defer specified amounts of the senior housing park fee, which arrangement shall be detailed within the Financial Plan. The standard park dedication fee for the office project site shall be paid by the developer at the standard per-acre rate per City ordinance (8% of fair market value of land but not to exceed $13,250 per acre). H. Sewer and Water Connection Charges. The applicant shall pay sewer and water connection charges to the City in an amount to be arrive.d at by use of the following formula: �A + Bl - 41 x 6.7 acres x $13,545/acre = Connection Charge Due (A + B) where: A = number of senior housing dwelling units B = number of SAC units required for office building 41 = number of sewer/water units paid previously The City Council may agree to defer specified amounts of the sewer and water connection charges, which arrangement shall be detailed within the Financial Plan. � Page 11 of 13 F