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8 <br /> <br />Development Agreement <br /> <br />Master Development Agreement <br /> <br />A Master Development Agreement was recorded in March 2019. The Agreement covers the <br />entire 372 acre site and details the terms and conditions of City approvals, the Development <br />Plans, the required public and private improvements as part of the first and subsequent phase, the <br />standards for the timing and financing of the improvements, required HOA documents and the <br />terms of payment. <br /> <br />Development Agreement and Planned Unit Development Agreement <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 />A partial release of mortgage has been executed and will be recorded. The title commitment will <br />then be updated. Mylars will not be released for recorded until these items have been satisfied. <br /> <br />Stormwater Maintenance Agreement <br /> <br />The stormwater facilities will be covered under the City’s Programmatic Stormwater Management <br />Agreement after they have been installed and accepted by the City. <br /> <br />Findings of Fact <br />