03/13/2006 Council Packet (2) - Laserfiche WebLink

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AGENDA ITEM 1 Cai STAFF ORIGINATOR: James E. Studenski, City Engineer COUNCIL MEETING DATE: March 13, 2006 TOPIC: Resolution No. 06 — 47, Approving Development Contract, Millers Crossroads 3rd Addition Vote Required: Simple Majority BACKGROUND: The City Council approved a Preliminary Plat for Miller's Crossroads on September 22, 2003. The Final Plat for Miller's Crossroads 1st Addition was approved by the City Council on February 23, 2004 and the Final Plat for Miller's Crossroads 2nd Addition was approved by the City Council on January 24, 2005. Millers Crossroads 3rd Addition provides for the construction of 32 residential units on a 2.7 Acre parcel of property near the intersection of Birch Street and Hodgson Road. In accordance with the preliminary plat approval and City policy, staff has prepared a Development Contract. The contract provides for the following: 1. A Letter of Credit submitted by the developer for the development improvement costs is not required for this development, since the improvements were installed during the previous phase. 2. Submittal by the developer of a Letter of Credit in the amount of $40,000.00 representing 35 percent of the City improvement costs to insure the payment of assessments for this project. 3. Deposit of a cash escrow in the amount of $95,000.00 to reimburse the City for costs incurred by the City related to the deveiopment and improvements of the site. Bruggeman Properties LLC, has reviewed the contract and are aware of the conditions set forth. OPTIONS: 1. Return to staff for further review. 2. Adopt Resolution Number 06 — 47, approving Development Contract for Millers Crossroads 3rd Addition. RECOMMENDATION: Option No. 2 - Staff recommends that Resolution Number 06 — 47 be approved.