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• <br />AGENDA ITEM 6B <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: June 11, 2007 <br />TOPIC: Resolution No. 07 — 83, Approving Development Contract (Site <br />Grading Only), The Preserve <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council authorized a preliminary plat on August 28, 2006 to provide for <br />a proposed development titled The Preserve. The Developer, Intergra Home is <br />now requesting approval to begin grading work. The Preserve provides for the <br />construction of 31 residential units on a 52.56 acre parcel of property located <br />south of Birch Park on Pheasant Run South and Killdeer Drive. <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 $233,000 <br />representing 150 percent of the development improvement costs to insure <br />completion of the project in accordance with the approved plans. <br />2. Deposit of a cash escrow in the amount of $40,000 to reimburse the City <br />for costs incurred by the City related to the development and <br />improvements of the site. <br />The developer has reviewed the contract and is aware of the conditions set forth. <br />RECOMMENDATION: <br />Staff recommends that Resolution Number 07 — 83 be adopted. <br />