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• STAFF ORIGINATOR: <br />CITY COUNCIL <br />MEETING DATE: <br />TOPIC: <br />ACTION REQUIRED: <br />BACKGROUND: <br />AGENDA ITEM 6D <br />James E. Studenski, City Engineer <br />October 12, 2009 <br />Resolution No. 09 -89, Authorizing Execution of <br />Performance Agreement, North Springs Church. <br />3/5 Vote <br />The North Springs Church is the new owners of the former VFW building (7868 Lake Drive). <br />North Springs Church is proposing the completion of the VFW site as approved by the City <br />Council on February 9, 2004 (Resolution No. 04 -18). <br />In accordance with City policy, staff has prepared a Performance Agreement for North Springs <br />Church. The agreement provides for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of $36,725.00 representing <br />35 percent of the development improvement costs. A letter of credit covering the City <br />Improvements is not required because all utility connection charges where paid by the <br />VFW under there previous performance agreement. <br />2. Deposit of a cash escrow in the amount of $5,000.00 to reimburse the City for costs <br />incurred by the City related to the development and improvements of the site. <br />The developer has reviewed the contract and is aware of the conditions set forth. <br />RECOMMENDATION: <br />Staff recommends approving Resolution Number 09 -89, Authorizing Execution of a <br />Performance Agreement, North Springs Church. <br />