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STAFF ORIGINATOR: <br />MEETING DATE: <br />TOPIC: <br />VOTE REQUIRED: <br />INTRODUCTION <br />CITY COUNCIL <br />AGENDA ITEM 6Ai <br />Michael Grochala, Community Development Director <br />January 28, 2013 <br />Consider Resolution 13 -11, Accepting Petition and Waiver <br />Agreement from CM Properties 14, LLP, Otter Lake Road <br />Improvement Project <br />3/5 Vote Required <br />Staff is requesting Council acceptance of a petition and waiver agreement from CM Properties 14, <br />LLP, agreeing to assessments and right -of -way dedication for the Otter Lake Road improvement <br />project. <br />BACKGROUND <br />CM Properties 14, LLP is the owner of land abutting the Otter Lake Road improvement project. <br />The owner originally submitted a petition requesting the proposed improvements in March of 2011. <br />The agreement allows for the City to levy against the subject property the lesser of $374,500 or <br />50% of the actual cost of the Improvement Project plus $80,000. The $80,000 is intended to cover <br />a portion of any gap between available funding and project costs. The agreement provides for <br />repayment of $80,000 to CM Properties in the form of a trunk utility credit when public trunk <br />utilities are extended across the balance of the property. The agreement also provides for the <br />dedication, at no cost to the city, permanent right -of -way and temporary easements necessary for the <br />construction of the improvements on their property. <br />RECOMMENDATION <br />Staff recommends adoption of Resolution 13 -11. <br />ATTACHMENTS <br />1. Resolution 13 -11 <br />• <br />