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AGENDA ITEM 70 <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: February 23, 2004 <br />TOPIC: Resolution No. 04 -28, Approving Development Agreement, Miller's <br />Crossroads <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council approved the preliminary plat of Miller's Crossroads on September 22, <br />2003 and authorized execution of a grading only development agreement on <br />October 13, 2003. Miller's Crossroads Subdivision consists of 152 units of residential <br />development and a commercial lot. Phase I consists of 69 units of residential <br />development. <br />In accordance with the preliminary plat approval and City policy staff has prepared a <br />Development Agreement for the Miller's Crossroads Development Phase I. The <br />agreement provides for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of $1,175,000.00 <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 $183,500.00 to reimburse the City for <br />costs incurred by the City related to the development and improvements of the <br />site and developer improvements. <br />3, A signed Petition and Waiver Agreement for the Birch Street/Hodgson Road <br />Improvements has been received from the developer, Bruggeman Properties. <br />Bruggeman Properties has reviewed the contract and is aware of the conditions set <br />forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 04 -28, Approving Development Agreement, Miller's <br />Crossroads. <br />3. Not adopt Resolution Number 04 -28. <br />RECOMMENDATION: <br />Option No 2 - Staff recommends that Resolution Number 04 -28 be adopted. <br />