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• <br />AGENDA ITEM 6A <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: April 25, 2005 <br />TOPIC: Resolution No. 05 — 57, Approving Development Contract (Site <br />Grading Only), Foxborough <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council authorized a preliminary plat and Planned Unit Development <br />approval on January 10, 2005 to provide for a proposed development titled <br />Foxborough. The Developer, Royal Oaks Realty is now requesting approval to <br />begin grading work. Foxborough provides for the construction of 57 residential <br />units on a parcel of property near the intersection of Deerwood Lane and Fox <br />Road. <br />In accordance with the preliminary plat approval and City policy, staff has <br />prepared a Development Contract for Site Grading Only. The contract provides <br />for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of <br />$315,000.00 representing 150 percent of the development improvement <br />costs to insure completion of the project in accordance with the approved <br />plans. <br />2. Deposit of a cash escrow in the amount of $45,000.00 to reimburse the <br />City for costs incurred by the City related to the development and <br />improvements of the site and developer improvements. <br />Royal Oaks Realty has reviewed the contract and is aware of the conditions set <br />forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 05 — 57, Approving Development Contract for Site <br />Grading Only, Foxborough. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 05 — 57 be adopted. <br />