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AGENDA ITEM 1Cc <br /> STAFF ORIGINATOR: James E. Studenski, City Engineer <br /> COUNCIL MEETING DATE: March 13, 2006 <br /> TOPIC: Resolution No. 06 —48, Approving Development Contract (Site <br /> Grading Only), Pine Glen Addition <br /> Vote Required: Simple Majority <br /> BACKGROUND: <br /> The City Council authorized a preliminary plat on November 28, 2005 to provide <br /> for a proposed development titled Pine Glen Addition. The Developer, 23, LLC is <br /> now requesting approval to begin grading work. Pine Glen provides for the <br /> construction of 72 residential units on a 44.78 acre parcel of property located on <br /> the east side of Lake Drive approximately 900 feet south of Main Street. <br /> In accordance with the preliminary plat approval and City policy, staff has <br /> prepared a Development Contract for Site Grading Only. This includes directing <br /> the City Engineer to design the Sanitary Sewer Lift Station. The contract <br /> provides for the following: <br /> 1. Submittal by the developer of a Letter of Credit in the amount of$625,000 <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$82,500 to reimburse the City <br /> for costs incurred by the City related to the development and <br /> improvements of the site. <br /> The developer has reviewed the contract and is aware of the conditions set forth. <br /> OPTIONS: <br /> 1. Return to staff for further review. <br /> 2. Adopt Resolution Number 06 —48, approving Development Contract for Site <br /> Grading Only, Pine Glen Addition. <br /> RECOMMENDATION: <br /> Option No. 2 - Staff recommends that Resolution Number 06 —48 be adopted. <br /> Is <br />