2005-122 Council Resolution - Laserfiche WebLink

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AGENDA ITEM 6Di STAFF ORIGINATOR: James E. Studenski, City Engineer COUNCIL MEETING DATE: August 22, 2005 TOPIC: Resolution No. 05 — 122, Approving Development Contract, Foxborough Vote Required: Simple Majority BACKGROUND: The City Council approved a preliminary plat and Planned Unit Development approval on January 10, 2005 and authorized execution of a Grading -Only Development Contract on April 25, 2005 for the Foxborough subdivision. Foxborough provides for the construction of 57 residential units on a parcel of property near the intersection of Deerwood Lane and Fox Road. In accordance with the preliminary plat approval and City policy, staff has prepared a Development Contract for Site Grading Only. The contract provides for the following: 1. Submittal by the developer of a Letter of Credit in the amount of $1,392,500.00 representing 150 percent of the development improvement costs and a Letter of Credit in the amount of $158,000.00 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 $301,500.00 to reimburse the City for costs incurred by the City related to the development and improvements of the site and developer improvements. Royal Oaks Realty has reviewed the contract and is aware of the conditions set forth. OPTIONS: 1. Return to staff for further review. 2. Adopt Resolution Number 05 — 122, Approving Development Contract for Site, Foxborough. RECOMMENDATION: Option No. 2 - Staff recommends that Resolution Number 05 — 122 be adopted.