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CITY OF ORONO RESOLUTION OF THE CITY COUNCIL NO. 6 7 7 4 D. Signed Developers Agreement and Letter of Credit for construction of improvements. The City Engineer shall establish the amount to be provided in the Letter of Credit. E. Signed Trail Easement over the northerly 10 feet of the property. 3). Final plat approval fee to be paid: Total due: $ 700.00 E. Development Agreement. Development Approval is contingent upon the successful execution of a Development Agreement between the applicant and the City. Such Agreement shall address all specific City requirements for the development. F. Financial 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 private streets, curb & gutter, sidewalks, storm sewers, 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. Fees. The following fees are due at the time of Final Plat approval. Storm Water and Drainage Trunk Fee. The property will be subject to the Stormwater and Drainage Trunk Fee, due at the time of final plat approval. The fee, based on the 2017 fee schedule, is 10,500.00. Park Dedication The City Code requires dedication of 8% of the land as public park, or payment of the equivalent value in cash. The City Council has determined there is no need for dedication of land from the proposed development. Therefore the park dedication due at the time of Final Plat is $11,100. Sewer Connection Charges. Based on 2017 fee schedule, the fees are $5,100. Adopted by the Orono City Council on this _26th day of June '2017. ATTEST: Anna Carlson, City Clerk Dennis Walsh, Mayor