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8 <br /> <br />Watermark. As each such outlot is further subdivided, the blanket easement area is re-defined <br />with a detailed open space easement. <br /> <br />An Open Space Easement shall be recorded over Outlot A, Watermark 7th Addition. <br /> <br />Sheet 3, Watermark 7th Addition Site Landscape Plan details the location of required “Protected <br />Open Space Area” signs. <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, <br />the standards for the timing and financing of the improvements, required HOA documents and <br />the 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 />Homeowner’s Association (HOA) <br /> <br />The City Attorney is reviewing the HOA documents. Any issues shall be resolved prior to City <br />Council action. <br /> <br />Title Commitment <br /> <br />The City Attorney is reviewing the title commitment and final plat. Any issues shall be resolved <br />prior to City Council action. <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 7th Addition PUD Final Plan/Final Plat subject to <br />the following conditions: <br />