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• <br />AGENDA ITEM 6C <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: October 10, 2005 <br />TOPIC: Resolution No. 05 — 154, Approving Development Contract (Site <br />Grading Only), Marshan Meadows <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council authorized a preliminary plat on May 9, 2005 to provide for a <br />proposed development titled Marshan Meadows. The Developer, Bruggeman <br />Homes is now requesting approval to begin grading work. Marshan Meadows <br />provides for the construction of 20 residential units on a parcel of property near <br />the intersection of Park Court and Lake Drive <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 $186,500 <br />representing 150 percent of the development 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 $30,800 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 />Bruggeman Homes 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 — 154, Approving Development Contract for Site <br />Grading Only, Marshan Meadows. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 05 — 154 be adopted. <br />