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• AGENDA ITEM 6E STAFF ORIGINATOR: James E. Studenski, City Engineer COUNCIL MEETING DATE: May 24, 2004 TOPIC: Resolution No. 04 - 69, Authorizing Execution of Development Agreement, Hailey Manor Subdivision Vote Required: Simple Majority BACKGROUND: The City Council approved the preliminary plat of Hailey Manor on September 8, 2003, and authorized execution of a grading only development agreement on October 27, 2003. Hailey Manor consists of four existing residential Tots to be subdivided into 14 residential units. In accordance with the preliminary plat approval and City policy, staff has prepared a Development Agreement the Hailey Manor Subdivision. The agreement provides for the following: 1 Submittal by the developer of a Letter of Credit in the amount of $186,000.00 representing 150 percent of the development improvement costs and a Letter of Credit in the amount of $27,000.00 representing 35 percent of the City improvement costs to insure completion of the project in accordance with the approved plans. 2. Deposit of a cash escrow in the amount of $49,250.00 to reimburse the City for costs incurred by the City related to the development and improvements of the site and developer improvements. Frank Feela, Inc. 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 — 69, Authorizing Execution of Development Agreement, Hailey Manor Subdivision. 3. Not adopt Resolution Number 04 - 69. RECOMMENDATION: Option No. 2 - Staff recommends that Resolution Number 04 - 69 be adopted.