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STAFF ORIGINATOR: CITY COUNCIL MEETING DATE: TOPIC: VOTE REQUIRED: BACKGROUND: AGENDA ITEM 7A(ii) Michael Grochala December 9, 2002 Consideration of Resolution No. 02 -175 Approving Spirit Hills Commercial Site Improvement Performance Agreement Simple Majority The City Council, approved the First Reading of Ordinance 08-02, rezoning the property from R -1, Single Family Residential to GB, General Business/ PDO, Planned Development Overlay, for the Spirit Hills Commercial Center, on November 25, 2002. The City Council also approved Resolution No. 02 -88 Approving Site and Building Plans, with conditions, and Conditional Use Permits for a Motor Fueling Station, Accessory Drive- through and Day Care Facility on November 25, 2002. The conditions for Site and Building Plan approval included a requirement that the developer enter into a Site Improvement Performance Agreement (Development Contract) with the City to insure the completion of improvements in accordance with the approved plans. Staff has prepared an agreement for council consideration. The agreement provides for the following: Submittal by the developer of a Letter of Credit representing one hundred and twenty-five (125) percent of the on -site improvement costs to insure completion of the project in accordance with the approved plans. 2. Submittal by the developer of a Letter of Credit representing one hundred and twenty-five (125) percent of the off -site improvement costs including Birch Street, Ware Road and Hodgson Road improvements. This includes $75,000 towards the installation of a signal at Hodgson and Birch. 3, Deposit of a cash escrow to reimburse the City for costs incurred by the City related to the development and improvement of the site and developer improvements. The developer is reviewing the agreement. His comments will be available at the City Council meeting.