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AGENDA ITEM 6Ai <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: February 27, 2006 <br />TOPIC: Resolution No. 06 — 33, Approving Development Contract, Cavegn <br />Estates <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council approved a preliminary plat on July 25, 2005 for the Cavegn <br />Estates. On February 13, 2006 the 1st Reading of Ordinance 01 -06 — Vacation <br />of a portion of Lois Lane right of way and drainage and utility easements was <br />approved. Cavegn Estates provides for the construction of 2 residential units on <br />a 1.38 Acre parcel of property near the intersection of Country Lane and Lois <br />Lane. <br />In accordance with the preliminary plat approval and City policy, staff has <br />prepared a Development Contract. The contract provides for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of $7,400 <br />representing 35 percent of the City improvement costs to insure <br />completion of the project in accordance with the approved plans. No <br />street or utility improvements are necessary for this development. <br />2. Deposit of a cash escrow in the amount of $3,950 to reimburse the City <br />for costs incurred by the City related to the development and <br />improvements of the site and developer improvements. <br />Anthony and Kimberly Cavegn have reviewed the contract and are aware of the <br />conditions set forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 06 — 33, Approving Development Contract for the <br />Cavegn Estates. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 06 — 33 be adopted. <br />• <br />