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• <br />AGENDA ITEM 6B <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: March 28, 2005 <br />TOPIC: Resolution No. 05 -40, Approving Development Agreement, Highland <br />Meadows East 2nd Subdivision <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council approved the preliminary plat of Highland Meadows East 2nd <br />Subdivision on January 21, 2004 and authorized execution of a grading only <br />development agreement on November 22, 2004. Highland Meadows East 2nd <br />Subdivision consists of 18 units of residential development. <br />In accordance with the preliminary plat approval and City policy, staff has prepared a <br />Development Agreement for the Highland Meadows East 2nd Subdivision Development. <br />The agreement provides for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of $278,500.00 <br />representing 150 percent of the development improvement costs and a Letter of <br />Credit in the amount of $27,000.00 representing 35 percent of the City <br />improvement costs to insure completion of the project in accordance with the <br />approved plans. <br />2. Deposit of a cash escrow in the amount of $57,500.00 to reimburse the City for <br />costs incurred by the City related to the development and improvements of the <br />site and developer improvements. <br />TSM Development has reviewed the contract and is aware of the conditions set forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 05 -40, Authorizing Execution Development Agreement, <br />Highland Meadows East 2nd Subdivision. <br />3. Not adopt Resolution Number 05 -40. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 05 -40 be adopted. <br />