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• <br />• <br />AGENDA ITEM 6.A. <br />STAFF ORIGINATOR: Paul Bengtson <br />CC MEETING DATE: April 28, 2008 <br />TOPIC: Vaughan's First Addition <br />i. Resolution No. 08 -43, Approving a Development <br />Agreement <br />ii. Resolution No. 08 -44, Approving a Final Plat <br />BACKGROUND <br />Ed Vaughan has requested approval of a 1 lot residential subdivision to be known as <br />Vaughan's First Addition. The City Council approved the Preliminary Plat for the <br />project on February 11, 2008 with the adoption of Resolution 08 -22. <br />ANALYSIS <br />Development Contract: Vaughan's First Addition is located on the north end of the <br />Quail Ridge Addition. The total additional assessed acreage of the parcel is 0.98 acres. <br />This addition will create two parcels one residence and one outlot. Sanitary sewer and <br />watermain services are available and were installed with the Quail Ridge Addition. <br />In accordance with the preliminary plat approval on February 11, 2008 and City policy, <br />staff has prepared a Development Contract. The contract provides for the following: <br />1. Submittal by the developer of two Letters of Credit: <br />a. Development improvement Letter of Credit in the amount of $20,800.00 <br />representing 150 percent of the construction costs. <br />b. City improvement Letter of Credit in the amount of $5,600.00 representing <br />35 percent of the City Improvement costs. <br />2. Deposit of a cash escrow in the amount of $8,500 to reimburse the City for costs <br />incurred by the City related to the development and improvements of the site. <br />Ed Vaughan has reviewed the contract and is aware of the conditions set forth. <br />Final Plat: The final plat is conforming to the preliminary plat approval issued on <br />February 11, 2008 and the title commitments have been reviewed and approved by the <br />City Attorney. The Planning and Zoning Board unanimously recommended approval of <br />the final plat. <br />RECOMMENDATION <br />Staff is recommending the adoption of Resolution No. 08 -43, approving the development <br />contract; and adoption of Resolution No. 08 -44, approving the Final Plat for Vaughan's <br />First Addition. <br />Attachments: Resolution No. 08 -43 & Development Contract <br />Resolution No. 08 -44 & Final Plat <br />