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Mayor & City Council <br />August 8, 1997 <br />Page 2 <br />While I feel it is safe to say that this work will take place whether the city participates or not, <br />there is an issue of fairness to be addressed. If we are significantly enhancing water quality <br />as well as providing for adequate drainage for future development in this area, City <br />participation would seem warranted. <br />♦ Approve the development agreement between the City and Fratt's Land Company for the <br />development of Pitrina Park Terrace. This development agreement is similar to those used in <br />the past and incorporates provisions of the plat approval process. The only notable change is <br />that rather than use a letter of credit to guarantee completion of the improvements, we are <br />proposing the use of a development bond. This Bond is permitted by City ordinance and the <br />City Attorney has approved its form. I would recommend approval subject to any comments <br />the City Attorney may have regarding this document. <br />JRH:kpv <br />cc: Paul Heuer, City Engineer <br />Frank Frattalone <br />Page 10 <br />