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• <br />• <br />AGENDA ITEM 6B <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: April 28, 2008 <br />TOPIC: Resolution No. 08 -47, Authorizing Execution of a <br />Grading Only Development Contract, <br />Main Street Village <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The developer, Azure Properties, Inc., is requesting to commence grading activities for <br />the Main Street Village Project. The Main Street Village project is located in the <br />southeast quadrant of I -35E and CSAH 14 (Main Street). This project consists of 4 <br />commercial lots and 4 outlots on 28.3 Acres. <br />In accordance with the preliminary plat approved on February 11, 2008 and City policy, <br />staff has prepared a Grading Only Development Contract for the Main Street Village <br />project. The agreement provides for the following: <br />1. Submittal by the developer of two Letters of Credit: <br />a. Developer Improvement Letter of Credit in the amount of $309,000 <br />representing 150 percent of the construction costs to insure completion of the <br />project in accordance with the approved grading plans. <br />b. City Improvement Letter of Credit in the amount of $27,000 representing 35 <br />percent of the city improvement costs. <br />Deposit of a cash escrow in the amount of $41,000 to reimburse the City for <br />costs incurred by the City related to the development and improvements of the <br />site. <br />Azure Properties, Inc. has reviewed the contract and is aware of the conditions set <br />forth. <br />RECOMMENDATION: <br />Staff recommends approving Resolution Number 08-47, Authorizing Execution of a <br />Grading Only Development Contract for Main Street Village. <br />