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

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AGENDA ITEM 1 Cc STAFF ORIGINATOR: James E. Studenski, City Engineer COUNCIL MEETING DATE: March 13, 2006 TOPIC: Resolution No. 06 — 48, Approving Development Contract (Site Grading Only), Pine Glen Addition Vote Required: Simple Majority BACKGROUND: The City Council authorized a preliminary plat on November 28, 2005 to provide for a proposed development titled Pine Glen Addition. The Developer, 23, LLC is now requesting approval to begin grading work. Pine Glen provides for the construction of 72 residential units on a 44.78 acre parcel of property located on the east side of Lake Drive approximately 900 feet south of Main Street. In accordance with the preliminary plat approval and City policy, staff has prepared a Development Contract for Site Grading Only. This includes directing the City Engineer to design the Sanitary Sewer Lift Station. The contract provides for the following: 1. Submittal by the developer of a Letter of Credit in the amount of $625,000 representing 150 percent of the development improvement costs to insure completion of the project in accordance with the approved plans. 2. Deposit of a cash escrow in the amount of $82,500 to reimburse the City for costs incurred by the City related to the development and improvements of the site. The developer has reviewed the contract and is aware of the conditions set forth. OPTIONS: 1. Return to staff for further review. 2. Adopt Resolution Number 06 — 48, approving Development Contract for Site Grading Only, Pine Glen Addition. RECOMMENDATION: Option No. 2 - Staff recommends that Resolution Number 06 — 48 be adopted.