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• <br /> AGENDA ITEM 6D <br /> STAFF ORIGINATOR: James E. Studenski, City Engineer <br /> COUNCIL MEETING DATE: July 25, 2005 <br /> TOPIC: Resolution No. 05 — 98, Approving Development Agreement (Site <br /> Grading Only), Apollo Landing. <br /> Vote Required: Simple Majority <br /> BACKGROUND: <br /> The City Council authorized a preliminary plat and Planned Unit Development <br /> approval on May 9, 2005 to provide for a proposed development titled Apollo <br /> Landing. The Developer, Equinox Development is now requesting approval to <br /> begin grading work. Apollo Landing provides for the construction of a 5 lot <br /> commercial subdivision on property located at 540 Lilac Drive. <br /> In accordance with the preliminary plat approval and City policy, staff has <br /> . prepared a Development Agreement for Site Grading Only. The contract <br /> provides for the following: <br /> 1. Submittal by the developer of a Letter of Credit in the amount of <br /> $26,000.00 representing 35 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$12,000.00 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 /> Equinox Development has reviewed the agreement and is aware of the <br /> conditions set forth. <br /> OPTIONS: <br /> 1. Return to staff for further review. <br /> 2. Adopt Resolution Number 05 — 98, Approving Development Agreement for <br /> Site Grading Only, Apollo Landing. <br /> RECOMMENDATION: <br /> • Option No. 2 - Staff recommends that Resolution Number 05 — 98 be adopted. <br /> - 86- <br />