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CITY OF ORONO <br />RESOLUTION OF THE CITY COUNCIL <br />NO. 6 7 7 4 <br />D. Signed Developers Agreement and Letter of Credit for construction <br />of improvements. The City Engineer shall establish the amount to <br />be provided in the Letter of Credit. <br />E. Signed Trail Easement over the northerly 10 feet of the property. <br />3). Final plat approval fee to be paid: Total due: $ 700.00 <br />E. Development Agreement. Development Approval is contingent upon the <br />successful execution of a Development Agreement between the applicant and the <br />City. Such Agreement shall address all specific City requirements for the <br />development. <br />F. Financial Guarantee. The Development Agreement shall include a financial <br />guarantee by the applicant to ensure the completion of site improvements. The City <br />Engineer shall complete an estimate of improvement costs, including but not <br />limited to private streets, curb & gutter, sidewalks, storm sewers, landscaping, <br />grading, erosion control, utilities, driveways and parking areas, trails, sidewalks, <br />retaining walls and stormwater management facility construction, and the applicant <br />shall provide to the City a financial guarantee of 150% of the improvement costs. <br />G. Fees. The following fees are due at the time of Final Plat approval. <br />Storm Water and Drainage Trunk Fee. The property will be subject to the <br />Stormwater and Drainage Trunk Fee, due at the time of final plat approval. The fee, <br />based on the 2017 fee schedule, is 10,500.00. <br />Park Dedication The City Code requires dedication of 8% of the land as public <br />park, or payment of the equivalent value in cash. The City Council has determined <br />there is no need for dedication of land from the proposed development. Therefore <br />the park dedication due at the time of Final Plat is $11,100. <br />Sewer Connection Charges. Based on 2017 fee schedule, the fees are $5,100. <br />Adopted by the Orono City Council on this _26th day of June '2017. <br />ATTEST: <br />Anna Carlson, City Clerk <br />Dennis Walsh, Mayor <br />