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• AGENDA ITEM 6Cii STAFF ORIGINATOR: James E. Studenski, City Engineer COUNCIL MEETING DATE: September 26, 2005 TOPIC: Resolution No. 05 — 145, Approving Development Contract, Apollo Landing Vote Required: Simple Majority BACKGROUND: The City Council approved a preliminary plat and Planned Unit Development approval on May 9, 2005 and authorized execution of a Grading -Only Development Contract on July 25, 2005 for Apollo Landing. This development provides for the construction of 5 commercial units on property located at 540 Lilac Drive. In accordance with the preliminary plat approval and City policy, staff has prepared a Development Contract for this project. The contract provides for the following: 1. Submittal by the developer of a Letter of Credit in the amount of $191,500 representing 150 percent of the development improvement costs and a Letter of Credit in the amount of $23,500 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 $29,000 to reimburse the City for costs incurred by the City related to the development and improvements of the site and developer improvements. Equinox Development 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 — 145, Approving Development Contract, Apollo Landing. RECOMMENDATION: • Option No. 2 - Staff recommends that Resolution Number 05 — 145 be adopted.