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03/13/2006 Council Packet (2)
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03/13/2006 Council Packet (2)
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City Council
Council Document Type
Council Packet
Meeting Date
03/13/2006
Council Meeting Type
Regular
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AGENDA ITEM 1Cbi <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: March 13, 2006 <br />TOPIC: Resolution No. 06 — 46, Approving Development Contract, Marshan <br />Meadows <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council approved a preliminary plat on May 9, 2005 to provide for a <br />proposed development titled Marshan Meadows. Also, a Grading Only <br />Development Contract was approved by the Council on October 10, 2005. <br />Marshan Meadows provides for the construction of 20 residential units on a <br />parcel of property near the intersection of Park Court and Lake Drive <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 $850,000 <br />representing 150 percent of the development improvement costs to insure <br />completion of the project in accordance with the approved plans. <br />2. Submittal by the developer of a Letter of Credit in the amount of $48,000 <br />representing 35 percent of the City improvement costs to insure the <br />payment of assessments for this project. <br />3. Deposit of a cash escrow in the amount of $197,500 to reimburse the City <br />for costs incurred by the City related to the development and <br />improvements of the site. <br />Bruggeman Homes has reviewed the contract and is aware of the conditions set <br />forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 06 — 46, approving Development Contract, <br />Marshan Meadows. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 06 — 46 be adopted. <br />
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