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PUD No.4 Agreement-STONEBAY <br /> EXHIBIT M -Schedule of Development Fees <br /> Commencement of Phase One improvements shall not occur until Developer has made payment to <br /> the City of the prorated portion of the Development Fees (Park Dedication Fe; Storm Water and <br /> Drainage Trunk Fee,and Sewer and Water Connection Charges)for Phase One. Commencement of <br /> Future Phase improvements shall not occur until Developer has made payment to the City of the <br /> prorated portion of the Development Fees associated with said Future Phase, The Development Fees <br /> for each Phase shall be based on the proportional acreage or number of units within each Phase <br /> depending on the method of calculation of each fee,relative to the total project, as defined below. <br /> I. Park Dedication Fee <br /> Fee Calculation Based on Ordinance <br /> A.Commercial Outlets. The pack fee for each of the commercial outlets(Outlots A and D)shall be <br /> due upon City Council approval of a development proposal for each lot and shall be paid prior to <br /> issuance of permits for construction within each Oudot. <br /> The amount of the park fee for the commercial outlots by City ordinance is 8%of the Land Fair <br /> Market Value prior to development. The combined Land Fair Market Value for the commercial <br /> outlets is established at$1,237,126 based on the combined area within the Outlets of 7.19 acres @ <br /> $3.95/s.f. established value per square foot. <br /> Fair Market Value ='7.19 acres x 43,560 s.f./acre x$3.95/s.f=$1,237,126 <br /> 8%Paris Fee=0.08 x$1,237,126=$98,970 <br /> Min/max range check(must be between$8,125/ac and$13,875/ac):$98,9'70/7.19 acres=$13,765/ac. <br /> B. Residential. The residential park fee is based on the value of the land being developed <br /> residentially. The park fee for the residential portion of the development by City ordinance is 8%of <br /> the Land Fair Market Value prior to development. The established value of the land is based on the <br /> developers purchase price of the residential portion of the property which is $4,622,083. <br /> 8%Park Fee=0.08 x$4,622,083—$369,767 <br /> Min/max range check:(must be between$3,250hmit and$5,550/unit) <br /> $369,767/162 units $2,283/unit(below required min-ntax range) <br /> Minimum fee applied: 162 units x$3,250/unit=$526,500 <br /> Phasing <br /> A. Residential. Proration of Fee Payments: The number of dwelling units within each Phase <br /> divided by the total number of units within all Phases shall determine the fraction of the total fee due. <br /> B. Commercial. Proration: If Outlots A and D are not developed at the same time,the acreage <br /> of the outlet being developed divided by the total acreage of both outlets shall determine the fraction <br /> of the total fee due. <br /> Page 1 of 4 <br />