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• • AGENDA ITEM 6.A.ii STAFF ORIGINATOR: James E. Studenski, City Engineer COUNCIL MEETING DATE: August 25, 2008 TOPIC: Resolution No. 08 -88, Approving Development Contract, Byrne Langer Addition VOTE REQUIRED: Simple Majority BACKGROUND: The Byrne Langer Addition is located in the Clearwater Creek 4th Addition on the northeast corner of 65th Street and Elmcrest Avenue. The total acreage of the parcel is 0.92 acres. The lot splitting will create two parcels with two new residences. One of the new parcels has Sanitary Sewer and Watermain services that were installed with the Clearwater Creek 4th Addition and the other new parcel will have Sanitary Sewer and Watermain services install as part of this development agreement. The assessments for the new parcel with the existing services were paid as a part of the Clearwater Creek 4th Addition. The assessments for the services to be installed are included in the attached development agreement. In accordance with the preliminary plat approval and City policy, staff has prepared a Development Contract. The contract provides for the following: 1. Submittal by the developer of a Letter of Credit in the amount of $75,000.00 representing 150 percent of the development improvement costs and a Letter of Credit in the amount of $2,500.00 representing 35 percent of the City improvement costs to insure completion of the project in accordance with the approved plans. 2. Deposit of a cash escrow in the amount of $4,500 to reimburse the City for costs incurred by the City related to the development and improvements of the site. The Planning and Zoning Board approved the Preliminary Plat for the Byrne Langer Addition on May 14, 2008 by a vote of 6 -0. Scott Byrne has reviewed the contract and is aware of the conditions set forth. RECOMMENDATION: • Staff recommends approval of Resolution No. 08 -88 for the Development Contract, Byrne Langer Addition.