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• <br />AGENDA ITEM 6Ci <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: June 13, 2005 <br />TOPIC: Resolution No. 05 -76, Approving Development Contract, Angie's <br />Acres <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The Planning and Zoning Commission approved the final plat of Angie's Acres <br />on May 11, 2005. The Developer, A and J Properties, LLC is requesting <br />approval to allow for developing a lot split at the southeast corner of Elm Street <br />and Rice Lake Lane. <br />In accordance with the preliminary plat approval and City policy staff has <br />prepared a Development Contract. The contract provides for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount $6,250 <br />• representing 35 percent of the City improvement costs to insure <br />completion of the project in accordance with the approved plans. <br />2. Deposit of a cash escrow in the amount of $5,200 to reimburse the City <br />for costs incurred by the City related to the development and <br />improvements of the site and developer improvements. <br />A and J Properties, LLC has reviewed the contract and is aware of the conditions <br />set forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 05 -76, Approving Development Contract, Angie's <br />Acres. <br />3. Not adopt Resolution Number 05 -76. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 05 -76 be adopted. <br />• <br />