Laserfiche WebLink
• <br />AGENDA ITEM 1.E <br />CC MEETING DATE: August 27, 2007 <br />TOPIC: Golden Acre <br />i Resolution No. 07 -93 <br />Development Agreement, Jim Studenski <br />ii. Resolution No. 07 -103 <br />Final Plat, Paul Bengtson <br />BACKGROUND <br />Golden Acre is located at 547 Lois Lane, and will result in the creation of four lots, one with the <br />existing house to remain. On November 13, 2006 the City Council adopted Resolution No. 06- <br />181, which approved the Preliminary Plat, MUSA allocation, and minor variances to the lot <br />dimensions and setback for the existing home. <br />ANALYSIS <br />Development Contract: The total additional assessed acreage of the 3 new parcels is 0.75 <br />acres. The lot splitting will create four parcels, one for the existing residence and 3 for new <br />residences. Both parcels have Sanitary Sewer and Watermain services available as part of the <br />Lois Lane Utility Extension and Bluebill Ponds projects. The existing residence has had the Lois <br />Lane Utility Extension placed on the tax rolls. <br />In accordance with the preliminary plat approval and City policy, staff has prepared a <br />Development Contract. The contract provides for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of $4,500.00 <br />representing 150 percent of the development improvement costs and a Letter of <br />Credit in the amount of $17,500.00 representing 35 percent of the City improvement <br />costs to insure completion of the project in accordance with the approved plans. <br />2. Deposit of a cash escrow in the amount of $1 3,750 to reimburse the City for costs <br />incurred by the City related to the development and improvements of the site. <br />Tim Anderson has reviewed the contract and is aware of the conditions set forth. <br />Final Plat: The final plat is conforming to the preliminary plat approval issued on November <br />13, 2006 and the title commitments have been approved by the City Attorney. <br />RECOMMENDATION <br />Staff is recommending the adoption of Resolution No. 07 -93, approving the development <br />contract; and adoption of Resolution No. 07 -103, approving the Final Plat for Golden Acre. <br />Attachments: <br />1. Resolution No. 07 -93 & Development Contract <br />2. Resolution No. 07 -103 & Final Plat <br />