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AGENDA ITEM 6Bii STAFF ORIGINATOR: James E. Studenski, City Engineer COUNCIL MEETING DATE: April 26, 2004 TOPIC: Resolution No. 04 - 47, Authorizing Execution of Development Agreement, Century Farm North 2nd Addition Vote Required: Simple Majority BACKGROUND: The City Council approved the preliminary plat of Century Farm North on April 28, 2003 and authorized execution of a grading only development agreement on May 27, 2003. Century Farm North Addition consists of 249 units of residential development. Century Farm North 2nd Addition consists of 65 units of residential development. In accordance with the preliminary plat approval and City policy, staff has prepared a Development Agreement the Century Farm North 2nd Addition Development. The agreement provides for the following: 1. Submittal by the developer of a Letter of Credit in the amount of $1,037,500.00 representing 150 percent of the development improvement costs and a Letter of Credit in the amount of $88,150.00 representing 35 percent of the City improvement costs to insure completion of the project in accordance with the approved plans. Deposit of a cash escrow in the amount of $216,000.00 to reimburse the City for costs incurred by the City related to the development and improvements of the site and developer improvements. Century Farm Development, Inca has rev iewed the contract and is aware of the conditions set forth. OPTIONS: 1. Return to staff for further review. 2. Adopt Resolution Number 04 - 47, Authorizing Execution Development Agreement, Century Farm North 2nd Addition. 3. Not adopt Resolution Number 04 - 47. RECOMMENDATION: Option No. 2 - Staff recommends that Resolution Number 04 - 47 be adopted.