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• <br />• <br />• <br />AGENDA ITEM 6Dii <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: August 13, 2007 <br />TOPIC: Resolution No. 07 - 112, Authorizing Execution of a Grading Only <br />Development Contract, Grandview <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The developer, Royal Oaks Realty is requesting to commence grading activities for the <br />Grandview subdivision. The Grandview subdivision consists of eight residential units, <br />one existing and 7 non - existing on a 3.76 acre parcel of property on the East Side of <br />the Gethsemane United Methodist Church. <br />In accordance with the preliminary plat approval and City policy, staff has prepared a <br />Grading Only Development Contract for the Grandview subdivision. The agreement <br />provides for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of $75,000.00 <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 $15,000.00 to reimburse the City for <br />costs incurred by the City related to the development and improvements of the <br />site. <br />Royal Oaks Realty has reviewed the contract and is aware of the conditions set forth. <br />RECOMMENDATION: <br />Staff recommends approving Resolution Number 07 — 112, Authorizing Execution of a <br />Grading Only Development Contract for Grandview. <br />