04-22-2015 Council Packet - Laserfiche WebLink

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515 Little Canada Road, Little Canada, MN 55117-1600 (651) 766-4029 / FAX: (651) 766-4048 ww w.ci.little-canaria. mn. us MEMORANDUM TO: Mayor Keis & Members of the City Council FROM: Joel Hanson, City Administrator DATE: April 17, 2015 RE: Whispering Pines Development Agreement MAYOR John Keis COUNCIL Rick Montour Michael McGraw Tom Fischer Christian Torkelson ADMINISTRATOR Joel R. Hanson Jeff Moore is purchasing the Whispering Pines project on Labore Road from Kevin Steinert. (Mr. Moore completed the Evergreen Hills project off of Old County Road C a few years ago.) This project has had final plat approval and meets current zoning standards. The Developer has requested that we finalize the development agreement so they can move forward with the project. Staff is finalizing a few points of the agreement and I anticipate it will be ready for Wednesday's meeting. (Note: This will be our standard form agreement we have used for years that we adapt to each project. This agreement makes the developer responsible for the costs of installing improvements to serve the project in accordance with our requirements. Our city engineer inspects the work for compliance. The developer also has to file a financial surety with us to guarantee completion of the project according to our standards.) Attached is a letter of engagement from Ehlers & Associates to retain them as our Dissemination Agent for Securities & Exchange Commission (SEC) Continuing Disclosure Requirements for our outstanding bond issues. The SEC has imposed additional reporting requirements on bond issuers that we need to comply with. Using Ehlers in this capacity makes the most sense given our relationship with them. The cost for this service is outlined in Exhibit A of the letter. This cost would be allocated to each of our outstanding bond issues on a per issue basis. Staff recommends we be authorized to execute the letter of engagement with Ehlers on behalf of the City.