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AGENDA ITEM 6DH <br /> Is T S AFF ORIGINATOR: James E. Studenski, City Engineer <br /> COUNCIL MEETING DATE: August 13, 2007 <br /> TOPIC: Resolution No. 07 - 112, Authorizing Execution of a Grading Only <br /> Development Contract, Grandview <br /> Vote Required: Simple Majority <br /> BACKGROUND: <br /> The developer, Royal Oaks Realty is requesting to commence grading activities for the <br /> Grandview subdivision. The Grandview subdivision consists of eight residential units, <br /> one existing and 7 non-existing on a 3.76 acre parcel of property on the East Side of <br /> the Gethsemane United Methodist Church. <br /> In accordance with the preliminary plat approval and City policy, staff has prepared a <br /> • Grading Only Development Contract for the Grandview subdivision. The agreement <br /> provides for the following: <br /> 1. Submittal by the developer of a Letter of Credit in the amount of$75,000.00 <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$15,000.00 to reimburse the City for <br /> costs incurred by the City related to the development and improvements of the <br /> site. <br /> Royal Oaks Realty has reviewed the contract and is aware of the conditions set forth. <br /> RECOMMENDATION: <br /> Staff recommends approving Resolution Number 07 — 112, Authorizing Execution of a <br /> Grading Only Development Contract for Grandview. <br />