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• • • AGENDA ITEM 6 A STAFF ORIGINATOR: Jeff Smyser MEETING DATE: October 8, 2007 TOPIC: Resolution 07 -165: Extension For Final Plat Application For Century Farms North 5th Addition VOTE REQUIRED: 3/5 BACKGROUND The Century Farm North project received preliminary plat approval in 2003 with Resolution 03 -60. The approval included a phasing plan that would allow the final platting of specified numbers of dwelling units annually over five years. The City's subdivision ordinance requires that a final plat application be submitted within one year of the final plat approval of the previous phase. An extension by the City Council is allowed. Because of the decline in the housing market, the developer has requested an extension for the submittal of the final plat for Century Farms North 5th Addition. ANALYSIS Approved Phasing Plan: The Century Farm North phasing plan approved by Resolution No. 03 -60 designated the following number of lots /units to be final platted in the years indicated and the MUSA acreage for each phase. year 2003 2004 2005 2006 2007 total MUSA acres to be Allocated 15.3 11.4 13.5 5.4 9.4 55.0 Lots to be final platted 56 65 52 43 33 249 The project has proceeded according to this schedule, with a final plat submitted each year. However, the low demand in the housing market has affected development in Lino Lakes as it has in the Twin Cities, state, and nation. Sales have slowed, leaving ample inventory of units and lots. The extension would allow the final 33 lots to be final platted in 2008 rather than 2007, and retain the 9.4 acres of MUSA for this project. City Growth Policy: The City's policy is to monitor and limit the platting of new lots /units. Currently, the City has approved 77 units for final platting in 2007 out of the possible 147. In addition, we have approved fewer lots overall than the policy would allow by 2007 and also have allocated less MUSA that the policy would allow. This is all due to market conditions.