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• • AGENDA ITEM 6.D. CC MEETING DATE: May 14, 2007 TOPIC: Cox Estates 2 "d Reading of Ordinance No. 05 -07 Rezone From Rural to R -1, Paul Bengtson ii Resolution No. 07 -65 Development Agreement, Jim Studenski iii. Resolution No. 07 -59 Final Plat, Paul Bengtson BACKGROUND City Council completed the first reading of Ordinance No. 05 -07 approving the rezoning of the property to R -1 (Single Family Residential on April 23rd. Additionally, the City Council adopted Resolution No. 07 -58, which approved the Preliminary Plat and MUSA allocation. ANALYSIS Rezoning: The Rezoning of the property is supported by the findings in the attached Ordinance No. 05 -07. Development Contract: The total additional assessed acreage of the parcel is 0.25 acres. The lot splitting will create two parcels, one for the existing residence and one for a new residence. Both parcels have Sanitary Sewer and Watermain services available as part of the Lois Lane Utility Extension project. The existing residence has connected to City utilities. 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 $1,500.00 representing 150 percent of the development improvement costs and a Letter of Credit in the amount of $9,200.00 representing 35 percent of the City improvement costs to insure completion of the project in accordance with the approved plans. 2. Deposit of a cash escrow in the amount of $4,225 to reimburse the City for costs incurred by the City related to the development and improvements of the site. Brennan Cox has reviewed the contract and is aware of the conditions set forth. Final Plat: The final plat is conforming to the preliminary plat approval issued on April 23, 2007 and the title commitments have been approved by the City Attorney. The final plat will not be recorded until the Rezoning has gone into effect on June 13th.