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• <br />AGENDA ITEM 6Bi <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: July 24 , 2006 <br />TOPIC: Resolution No. 06 — 112, Approving Development Contract, Legacy <br />Townhomes <br />Vote Required: Simple Majority <br />BACKGROUND: <br />Legacy Townhomes provides for the construction of 21 residential townhome <br />units on a parcel of land in the Legacy at Woods Edge Development. <br />In accordance with the preliminary plat approval and City policy, staff has <br />prepared a Development Contract. The contract provides for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of $188,750 <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 $145,565 to reimburse the City <br />for costs incurred by the City related to the development and <br />improvements of the site. <br />Hartford Development Inc. has reviewed the contract and is aware of the <br />conditions set forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 06 — 112, approving Development Contract, <br />Legacy Townhomes. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 06 — 112 be adopted. <br />• <br />