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AGENDA ITEM 7D <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: October 13, 2003 <br />TOPIC: Resolution No. 03 - 175, Approving <br />Development Agreement for Grading, Ravens <br />Hollow <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council approved the preliminary plat of Ravens Hollow on July 9, <br />2003. KG Development, Inc., the Developer, is now requesting approval to <br />begin grading for the Ravens Hollow Development. Ravens Hollow Subdivision <br />consists of 56 units of residential development. <br />In accordance with the preliminary plat approval and City policy staff has <br />prepared a Development Agreement for Grading. The agreement provides for <br />the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of <br />$350,000.00 representing 150 percent of the development improvement <br />costs to insure completion of the project in accordance with the approved <br />plans. <br />2. Deposit of a cash escrow in the amount of $34,000.00 to reimburse the <br />City for costs incurred by the City related to the development and <br />improvements of the site and developer improvements. <br />KG Development, Inc. has reviewed the contract and is aware of the conditions <br />set forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 03 - 175, Approving Development Agreement for <br />Grading, Ravens Hollow. <br />3. Not adopt Resolution Number 03 — 175. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 03 - 175 be adopted. <br />