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• <br />AGENDA ITEM 6Cii <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: May 24, 2004 <br />TOPIC: Resolution No. 04 - 68, Authorizing Execution of Development <br />Agreement, Eagle Brook Addition <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council approved the preliminary plat of Eagle Brook Addition on March 22, <br />2004. The Eagle Brook Addition is located on 90+ acres on the west side of 20th <br />Avenue, about % mile north of 77th Street. Site grading and construction on the site <br />shall not begin prior to June 1, 2004. Well drilling shall not begin prior to July 15, 2004. <br />In accordance with the preliminary plat approval and City policy, staff has prepared a <br />Development Agreement the Eagle Brook Addition. The agreement provides for the <br />following: <br />• 1. Submittal by the developer of a Letter of Credit in the amount of $2,390,000.00 <br />representing 150 percent of the development improvement costs and a Letter of <br />Credit in the amount of $9,200.00 representing 35 percent of the City <br />improvement costs to insure completion of the project in accordance with the <br />approved plans. <br />2. Deposit of a cash escrow in the amount of $82,500.00 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 />Eagle Brook Church has reviewed the contract and is aware of the conditions set forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 04 — 68, Authorizing Execution of Development <br />Agreement, Eagle Brook Addition. <br />3. Not adopt Resolution Number 04 - 68. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 04 - 68 be adopted. <br />• <br />