11/13/2006 Council Packet - Laserfiche WebLink

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• AGENDA ITEM 6Ei • • STAFF ORIGINATOR: James E. Studenski, City Engineer COUNCIL MEETING DATE: November 13, 2006 TOPIC: Resolution No. 06 — 184, Approving Development Contract, Junes Addition Vote Required: Simple Majority BACKGROUND: The Junes Addition is located near the intersection of West Shadow Lake Drive and 62nd Street. The total assessed acres of the parcels are 1.37 acres. The lot splitting will create three parcels, one for the existing residence and two for new residences. The existing residence has connected to city utilities and has paid those assessments. In accordance with the preliminary plat approval and City policy, staff has prepared a Development Contract. The contract provides for the following: 1 Submittal by the developer of a Letter of Credit in the amount of $1,500.00 representing 150 percent of the development improvement costs and a Letter of Credit in the amount of $9,800.00 representing 35 percent of the City improvement costs to insure completion of the project in accordance with the approved plans. 2. Deposit of a cash escrow in the amount of $5,500 to reimburse the City for costs incurred by the City related to the development and improvements of the site. Wayne Junes has reviewed the contract and is aware of the conditions set forth. RECOMMENDATION: Staff recommends approval of Resolution No. 06 -184 for the Development Contract, Junes Addition.