11-26-2018 Council Meeting Packet

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EXECUTIVE SUMMARY MASTER DEVELOPMENT AGREEMENT U.S. HOME CORP. AND MATTAMY HOMES Parties Both U.S. Home Corporation (“Lennar”) and Mattamy Homes (“Mattamy”) are parties to the proposed Master Development Agreement (“MDA”). Given the size and phasing of the project, Mattamy will retain ownership of portions of the overall development. Title to future phases will be acquired by Lennar in timed take-downs. Consequently, it is necessary to bind both Lennar and Mattamy to the terms of the MDA. Note that Lennar is referred to as the “Developer” and Mattamy is referred to as the “Owner” in the MDA. Conditions Precedent to Development/Article I Section 1.4 identifies those tasks and submittals that must be completed and in place prior to development work. These include financial guaranties, engineering and construction plans, Homeowners Association covenants, all required permits, and easements and deeds required by the MDA. Phasing/Article IV Article IV recognizes the intended multiple phasing of the overall project. It requires project-specific development agreements for each future phase. Consequently, the terms of the MDA as well as the terms of the pertinent phase-specific development agreement will govern a future phase. Concurrently with approval of the MDA, the Council is being asked to approve the phase-specific development agreement for the 1st Addition. You will note a provision in the 1st Addition development agreement that ties the 1st Addition and Master Agreements together. This provision will be included in all future phase-specific development agreements. Lot Standards/Article IV Section 4.2 identifies the Zoning Ordinance Standards for single family and townhouse lots. It recognizes that flexibility may be reflected in final plats for future phases of the development as more fully discussed in Section 4.3 of the MDA.