07/25/2005 Council Packet - Laserfiche WebLink

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AGENDA ITEM 6Bi STAFF ORIGINATOR: James E. Studenski, City Engineer COUNCIL MEETING DATE: July 25, 2005 TOPIC: Resolution No. 05 — 96, Approving Development Agreement, Lots 1 -7, Block 1 and Lots 1 -3, Block 2, Oakwood View Subdivision. Vote Required: Simple Majority BACKGROUND: The City Council authorized a preliminary plat and Planned Unit Development approval on April 14, 2004 to provide for a proposed development titled Oakwood View. Oakwood View provides for the construction of 10 single family detached home lots on the north part of the property. In accordance with the preliminary plat approval and City policy, staff has prepared a Development Agreement for the Single Family Lots. The agreement provides for the following: 1. Submittal by the developer of a Letter of Credit in the amount of $310,000.00 representing 150 percent of the development improvement costs and a Letter of Credit in the amount of $20,500.00 representing 35 percent of the City improvement costs to insure completion of the project in accordance with the approved plans. 2. Deposit of a cash escrow in the amount of $61,000.00 to reimburse the City for costs incurred by the City related to the development and improvements of the site and developer improvements. Rice Creek Evangelical Covenant Church has reviewed the agreement and is aware of the conditions set forth. OPTIONS: 1. Return to staff for further review. 2. Adopt Resolution Number 05 — 96, Approving Development Agreement, Lots 1 -7, Block 1 and Lots 1 -3, Block 2, Oakwood View Subdivision. RECOMMENDATION: Option No. 2 - Staff recommends that Resolution Number 05 — 96 be adopted.