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8 <br /> <br />The City will also require our standard Development Agreement specific to each phase of <br />development. This agreement further details required improvements and securities. The City <br />Engineer will draft this Agreement and it shall be approved by the City Council. <br /> <br />Per Watermark 5th Addition Development Agreement, <br /> <br />18. c. At the discretion of the City outstanding punch list items from Watermark 1st and 2nd <br />Addition shall be finalized prior to Council approval of Watermark 6th Addition PUD <br />Final Plan/Final Plat. This clause shall exclude punch list items identified during the <br />warranty period. <br />Per the City Engineer, the street and utility punch list items have been completed. The City will <br />continue to work with the developer regarding open space and landscaping restoration items. <br />Securities will not be reduced until these items have been addressed. <br /> <br />Homeowner’s Association (HOA) <br /> <br />The City Attorney reviewed the HOA documents and had no comments. <br /> <br />Title Commitment <br /> <br />The City Attorney reviewed the title commitment and final plat and notes the existence of <br />several mortgages that either need to be resolved and removed or mortgagees must consent to <br />plat. The title commitment shall be updated to within three (3) months. <br /> <br />Stormwater Maintenance Agreement <br /> <br />The stormwater facilities will be covered under the City’s Programmatic Stormwater <br />Management Agreement after they have been installed and accepted by the City. <br /> <br />RECOMMENDATION <br /> <br />Staff recommends approval of the Watermark 6th Addition PUD Final Plan/Final Plat subject to <br />the following conditions: <br /> <br />1. Outlot B, Watermark 6th Addition is preserved as permanent Open Space and shall be <br />improved by the Developer in accordance with the approved plans and upon completion <br />and acceptance by the city of such improvements, they shall be owned and maintained by <br />a Homeowner’s Association in accordance with an approved Restoration and <br />Management Plan. <br />2. A Permanent Trail Easement covering the trail on Outlot A, Watermark 6th Addition shall <br />be recorded after the trail has been constructed. A copy of the recorded easement shall be <br />provided to the City prior to Council approval of Watermark 7th Addition. <br />3. A deed restriction shall be recorded over Lots 2-8, Block 1, Watermark 6th Addition <br />stating that these lots have limited ability to construct accessory structures due to <br />drainage and utility easement.