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8 <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 reviewed the HOA and other recording documents. The attorney notes the <br />Open Space Easement to the City for Outlot A shall be recorded before the Quit Claim Deed <br />from U.S. Home to the Association. <br /> <br />Title Commitment <br /> <br />The City Attorney reviewed the title commitment and final plat. The attorney notes the Open <br />Space Easement to the City for Outlot A shall be recorded before the Quit Claim Deed from U.S. <br />Home to the Association. <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 8th Addition PUD Final Plan/Final Plat subject to <br />the following conditions: <br /> <br />1. Outlot A, Watermark 8th 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 <br />by a Homeowner’s Association in accordance with an approved Restoration and <br />Management Plan. <br />2. A Permanent Trail Easement with exhibit covering the trail shall be recorded after the <br />trail has been constructed. <br />3. An annexation amendment to neighborhood declaration of covenants and supplemental <br />declaration of covenants citing deed restriction shall be recorded stating lots with