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AGENDA ITEM 6C <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: November 8, 2010 <br />TOPIC: Resolution No. 10 — 101, Amending Development Contract, <br />Marshan Meadows <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council approved a Development Contract on March 13, 2006 to <br />provide for a proposed development titled Marshan Meadows. Marshan <br />Meadows provides for the construction of 20 residential units on a parcel of <br />property near the intersection of Park Court and Lake Drive <br />The Developer is now insolvent and the letters of credits for the project <br />improvements are no longer available to use to complete the project. We do <br />have available escrow dollars that are in access of the expenditures the City will <br />require for the project. <br />Staff has worked with Bruggeman Properties, LLC, and Citizen State Bank that <br />has purchased the remaining empty parcels to allow the remaining escrow funds <br />to be used in the completion of the development improvements. Citizen State <br />Bank will cover any expenses incurred above the remaining escrow fund. The <br />city will continue to use the escrow balance to cover expenses that incurred. <br />Attached is a copy of the amended development agreement that staff is <br />recommending be approved to allow for the completion of the subdivision. <br />Bruggeman Properties LLC and Citizen State Bank has reviewed the amendment <br />to the contract and is aware of the conditions set forth. <br />RECOMMENDATION: <br />Staff recommends approving Resolution Number 10 — 101 be adopted. <br />• <br />