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AGENDA ITEM 6D <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: July 25, 2005 <br />TOPIC: Resolution No. 05 — 98, Approving Development Agreement (Site <br />Grading Only), Apollo Landing. <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council authorized a preliminary plat and Planned Unit Development <br />approval on May 9, 2005 to provide for a proposed development titled Apollo <br />Landing. The Developer, Equinox Development is now requesting approval to <br />begin grading work. Apollo Landing provides for the construction of a 5 lot <br />commercial subdivision on property located at 540 Lilac Drive. <br />In accordance with the preliminary plat approval and City policy, staff has <br />prepared a Development Agreement for Site Grading Only. The contract <br />provides for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of <br />$26,000.00 representing 35 percent of the development improvement <br />costs to insure completion of the project in accordance with the approved <br />plans. <br />2. Deposit of a cash escrow in the amount of $12,000.00 to reimburse the <br />City for costs incurred by the City related to the development and <br />improvements of the site and developer improvements. <br />Equinox Development has reviewed the agreement and is aware of the <br />conditions set forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 05 — 98, Approving Development Agreement for <br />Site Grading Only, Apollo Landing. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 05 — 98 be adopted. <br />