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• AGENDA ITEM 1Cbi STAFF ORIGINATOR: James E. Studenski, City Engineer COUNCIL MEETING DATE: March 13, 2006 TOPIC: Resolution No. 06 —46, Approving Development Contract, Marshan Meadows Vote Required: Simple Majority BACKGROUND: The City Council approved a preliminary plat on May 9, 2005 to provide for a proposed development titled Marshan Meadows. Also, a Grading Only Development Contract was approved by the Council on October 10, 2005. Marshan Meadows provides for the construction of 20 residential units on a parcel of property near the intersection of Park Court and Lake Drive In accordance with the preliminary plat approval and City policy, staff has prepared a Development Contract. The contract provides for the following: • 1. Submittal by the developer of a Letter of Credit in the amount of$850,000 representing 150 percent of the development improvement costs to insure completion of the project in accordance with the approved plans. 2. Submittal by the developer of a Letter of Credit in the amount of$48,000 representing 35 percent of the City improvement costs to insure the payment of assessments for this project. 3. Deposit of a cash escrow in the amount of$197,500 to reimburse the City for costs incurred by the City related to the development and improvements of the site. Bruggeman Homes has reviewed the contract and is aware of the conditions set forth. OPTIONS: 1. Return to staff for further review. 2. Adopt Resolution Number 06 —46, approving Development Contract, Marshan Meadows. RECOMMENDATION: Option No. 2 - Staff recommends that Resolution Number 06 —46 be adopted.