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• <br />• <br />• <br />STAFF ORIGINATOR: <br />CITY COUNCIL <br />MEETING DATE: <br />TOPIC: <br />BACKGROUND: <br />AGENDA ITEM 7F <br />Michael Grochala <br />August 26, 2002 <br />Consideration of Resolution No. 02 -102 <br />Approving Clearwater Creek 5t" Addition <br />Development Agreement <br />The City Council approved the preliminary plat of Clearwater Creek 3rd Addition <br />on March 22, 1999. Gor -Em, LLC, the Developer, is now requesting to approval <br />to begin construction of improvements to complete the final phase of the <br />development, to be known as Clearwater Creek 5th Addition. Clearwater Creek <br />5th Addition consists of 54 single family residential lots. <br />In accordance with the preliminary plat approval and City policy staff has <br />prepared a Development Agreement. The agreement provides for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of <br />$906,850.00 representing 150% percent of the development improvement <br />costs to insure completion of the project in accordance with the approved <br />plans. <br />2. Submittal by the developer of a Letter of Credit in the amount of <br />$117,355.00 representing 35% of the costs to be assessed for the project. <br />3. Deposit of a cash escrow in the amount of $139,400.00 to reimburse the <br />City for costs incurred by the City related to the development and <br />improvement of the site and developer improvements. <br />Gor -Em development has reviewed the agreement and is aware of the <br />conditions setforth. <br />OPTIONS: <br />1. Approve Resolution No. 02 -102 <br />2. Do not authorize execution of the agreement. <br />3. Return to staff for further consideration. <br />