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<br /> <br /> <br />Page 2 <br /> <br /> <br />Here is the specific language of Provision #18: <br /> <br />18. The Developer hereby agrees to the following schedule of home construction: a) <br />before December 31, 2013, the Developer shall have started construction on three (3) <br />homes; b) before December 31, 2014, the Developer shall have started construction on a <br />total of ten (10) homes; and c) before December 31, 2015, the Developer shall have <br />started construction on all 15 homes. All homes shall be completed by no later than <br />December 31, 2016. <br /> <br />Staff is recommending the revised language read as follows: <br /> <br />18. The Developer hereby agrees to the following schedule of home construction: a) <br />before December 31, 2013, the Developer shall have started construction on three (3) <br />homes; b) before December 31, 2014, the Developer shall have started construction on a <br />total of ten (10) homes; and c) all 15 homes shall be completed by no later than <br />December 31, 2016. <br /> <br />Given the fact we still have a completion date of 12/31/16 that allows for compliance with <br />the 1/2/17 assessment provisions, staff recommends we approve the attached amendment to <br />the development agreement with Masterpiece Homes, Inc. to eliminate the requirement <br />that all homes be under construction by the end of 2015. With the remaining protections in <br />the development agreement, the fact that values on the houses completed and sold to-date have <br />more than exceeded our requirements, and the developer’s track record in dealing with the City, <br />this impact of this amendment poses no risk to the City.