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CITY COUNCIL <br />AGENDA ITEM 6C <br />STAFF ORIGINATOR: Michael Grochala, Community Development Director <br />MEETING DATE: May 9, 2016 <br />TOPIC: Consider Resolution No. 16-35, Approving Land Acquisition <br />Escrow Agreement, Saddle Club <br />VOTE REQUIRED: 3/5 <br />INTRODUCTION <br />Staff is requesting City Council approval of an escrow agreement for land acquisition with <br />Dupont Holdings, LLC. <br />BACKGROUND <br />On April 11, 2016 the City Council adopted Resolution No. 16-13 approving the development <br />agreement for Saddle Club 2nd Addition. The agreement was contingent on the Developer and <br />City entering into a purchase agreement for land necessary to construct the Fox Road <br />connection to Foxborough. While the agreements have been prepared the City is still working <br />to complete acquisition of the property from Comcast. We expect this to be complete within <br />the next three to four weeks. <br />The Developer, however, has requested approval to commence installation of public utilities in <br />Saddle Club 2nd Addition. To facilitate this request, the City Attorney has drafted an escrow <br />agreement that would provide for a $100,000 deposit to secure the land acquisition. The City <br />would hold the deposit in escrow until the acquisition is completed. <br />RECOMMENDATION <br />Staff is recommending approval of Resolution No. 16-35. <br />ATTACHMENTS <br />1. Resolution No. 16-35. <br />