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• <br />AGENDA ITEM 6Di <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: August 22, 2005 <br />TOPIC: Resolution No. 05 — 122, Approving Development Contract, <br />Foxborough <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council approved a preliminary plat and Planned Unit Development <br />approval on January 10, 2005 and authorized execution of a Grading -Only <br />Development Contract on April 25, 2005 for the Foxborough subdivision. <br />Foxborough provides for the construction of 57 residential units on a parcel of <br />property near the intersection of Deerwood Lane and Fox Road. <br />In accordance with the preliminary plat approval and City policy, staff has <br />prepared a Development Contract for Site Grading Only. The contract provides <br />for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of <br />$1,392,500.00 representing 150 percent of the development improvement <br />costs and a Letter of Credit in the amount of $158,000.00 representing 35 <br />percent of the City improvement costs to insure completion of the project <br />in accordance with the approved plans. <br />2. Deposit of a cash escrow in the amount of $301,500.00 to reirnburse the <br />City for costs incurred by the City related to the development and <br />improvements of the site and developer improvements. <br />Royal Oaks Realty has reviewed the contract and is aware of the conditions set <br />forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 05 — 122, Approving Development Contract for <br />Site, Foxborough. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 05 — 122 be adopted. <br />