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STAFF ORIGINATOR: CITY COUNCIL MEETING DATE: TOPIC: ACTION REQUIRED: BACKGROUND: AGENDA ITEM 6Aii James E. Studenski, City Engineer January 11, 2010 Resolution No. 10 -01, Authorizing Execution of Performance Agreement, 7317 and 7319 Lake Drive `Boarhouse. 3/5 Vote On September 22, 1997 a conditional use permit was given for the operation of an automotive repair business in a portion of the property at 7317 and 7319 Lake Drive. The owner is proposing to have a tenant move into the remainder of that property. The City is requiring that the owner of the 7317 and 7319 Lake Drive complete the remaining requirements of the original September 22, 1997 conditional use permit as part of the approval of the new conditional use permit for the new tenant. This performance agreement covers the work associated with the remaining requirements of the original conditional use permit. In accordance with City policy, staff has prepared a Performance Agreement for 7317 and 7319 Lake Drive `Boarhouse'. The agreement provides for the following: 1. Submittal by the developer of a Letter of Credit in the amount of $25,000.00 representing the development improvement costs. A letter of credit covering the City Improvements is not required because all utility connection charges have been assessed to the property. 2. Deposit of a cash escrow in the amount of $5,000.00 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. RECOMMENDATION: Staff recommends approving Resolution Number 10 -01, Authorizing Execution of Performance Agreement, 7317 and 7319 Lake Drive `Boarhouse'.