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AGENDA ITEM 1 Di <br />110 <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: March 12, 2007 <br />TOPIC: Resolution No. 07 - 39, Authorizing Execution of Development <br />Agreement, Pine Glen Second Addition <br />• <br />• <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council approved the preliminary plat of Pine Glen on November 28, 2005, <br />and authorized execution of a development agreement for the First Addition, May 22, <br />2006. The majority of improvements were installed with the First Addition. Pine Glen <br />Second Addition consists of 37 units of residential development. <br />In accordance with the preliminary plat approval and City policy, staff has prepared a <br />Development Agreement for the Pine Glen Second Addition. The agreement provides <br />for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of $30,000.00 <br />representing 150 percent of the development improvement costs and a Letter of <br />Credit in the amount of $95,000.00 representing 35 percent of the City <br />improvement costs to insure completion of the project in accordance with the <br />approved plans. <br />2. Deposit of a cash escrow in the amount of $145,000.00 to reimburse the City for <br />costs incurred by the City related to the development and improvements of the <br />site. <br />The developer has reviewed the contract and is aware of the conditions set forth. <br />RECOMMENDATION: <br />Staff recommends approving Resolution Number 07 — 39, Authorizing Execution of the <br />Development Agreement for the Pine Glen Second Addition. <br />