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AGENDA ITEM 6Cii STAFF ORIGINATOR: James E. Studenski, City Engineer COUNCIL MEETING DATE: March 14, 2005 TOPIC: Resolution No. 05 - 31, Authorizing Execution of Development Agreement, Century Farm North 3rd Addition Vote Required: Simple Majority BACKGROUND: The City Council approved the preliminary plat of Century Farm North on April 28, 2003 and authorized execution of a grading only development agreement on May 27, 2003. Century Farm North Addition consists of 249 units of residential development. Century Farm North 3rd Addition consists of 52 units of residential development. In accordance with the preliminary plat approval and City policy, staff has prepared a Development Agreement the Century Farm North 3`d Addition Development. The agreement provides for the following: 1. Submittal by the developer of a Letter of Credit in the amount of $952,500.00 representing 150 percent of the development improvement costs and a Letter of Credit in the amount of $47,500.00 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 $157,500.00 to reimburse the City for costs incurred by the City related to the development and improvements of the site and developer improvements. Century Farm Development, Inc. has reviewed the contract and is aware of the conditions set forth. OPTIONS: 1. Retum to staff for further review. 2. Adopt Resolution Number 05 — 31, Authorizing Execution Development Agreement, Century Farm North 3rd Addition. 3. Not adopt Resolution Number 05 - 31. RECOMMENDATION: Option No. 2 - Staff recommends that Resolution Number 05 - 31 be adopted.