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• <br />AGENDA ITEM 6Eii <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: April 11, 2005 <br />TOPIC: Resolution No. 05 -53, Authorizing Execution of Development Agreement, <br />Vaughan Addition <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council approved the preliminary plat of Vaughan Addition on January 10, <br />2005. Vaughan Addition consists of 5 units of residential development. <br />in accordance with the Development Agreement approval and City policy, staff has <br />prepared a Development Agreement for the Vaughan Addition Development. The <br />agreement provides for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of $225,000.00 <br />representing 150 percent of the development improvement costs and a Letter of <br />Credit in the amount of $11,000.00 representing 35 percent of the City <br />improvement costs to insure completion of the project in accordance with the <br />approved plans. <br />2. Deposit of a cash escrow in the amount of $48,000.00 to reimburse the City for <br />costs incurred by the City related to the development and improvements of the <br />site and developer improvements. <br />Mike Vaughan, LLC has reviewed the contract and is aware of the conditions set forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 05 -53, Authorizing Execution of Development Agreement, <br />Vaughan Addition. <br />3. Not adopt Resolution Number 05 -53. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 05 -53 be adopted. <br />