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AGENDA ITEM I Gi <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: May 22, 2006 <br />TOPIC: Resolution No. 06 - 88, Authorizing Execution of Development <br />Agreement, Pine Glen — Phase I <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council approved the preliminary plat of Pine Glen on November 28, 2005 and <br />authorized execution of a grading only development agreement on March 13, 2006. <br />Pine Glen consists of 72 units of residential development. <br />In accordance with the preliminary plat approval and City policy, staff has prepared a <br />Development Agreement for the Pine Glen — Phase I. The agreement provides for the <br />following: <br />1. Submittal by the developer of a Letter of Credit in the amount of $2,135,000.00 <br />representing 150 percent of the development improvement costs and a Letter of <br />Credit in the amount of $95,750.00 representing 35 percent of the City <br />improvement costs to insure completion of the project in accordance with the <br />approved plans. <br />2. Deposit of a cash escrow in the amount of $260,500.00 to reimburse the City for <br />costs incurred by the City related to the development and improvements of the <br />site. <br />The developer has reviewed the contract and is aware of the conditions set forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 06 - 88, Authorizing Execution Development Agreement, <br />Pine Glen — Phase I. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 06 - 88 be adopted. <br />41 <br />