02/23/2004 Council Packet - Laserfiche WebLink

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• • AGENDA ITEM 7Ci STAFF ORIGINATOR: James E. Studenski, City Engineer COUNCIL MEETING DATE: February 23, 2004 TOPIC: Resolution No. 04 -28, Approving Development Agreement, Miller's Crossroads Vote Required: Simple Majority BACKGROUND: The City Council approved the preliminary plat of Miller's Crossroads on September 22, 2003 and authorized execution of a grading only development agreement on October 13, 2003. Miller's Crossroads Subdivision consists of 152 units of residential development and a commercial lot. Phase I consists of 69 units of residential development. In accordance with the preliminary plat approval and City policy staff has prepared a Development Agreement for the Miller's Crossroads Development Phase I. The agreement provides for the following: 1. Submittal by the developer of a Letter of Credit in the amount of $1,175,000.00 representing 150 percent of the development improvement costs to insure completion of the project in accordance with the approved plans. 2. Deposit of a cash escrow in the amount of $183,500.00 to reimburse the City for costs incurred by the City related to the development and improvements of the site and developer improvements. 3. A signed Petition and Waiver Agreement for the Birch Street/Hodgson Road Improvements has been received from the developer, Bruggeman Properties. Bruggeman Properties has reviewed the contract and is aware of the conditions set forth. OPTIONS: 1. Return to staff for further review. 2. Adopt Resolution Number 04 -28, Approving Development Agreement, Miller's Crossroads. 3. Not adopt Resolution Number 04 -28. • RECOMMENDATION: Option No. 2 - Staff recommends that Resolution Number 04 -28 be adopted.