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AGENDA ITEM 61 <br />STAFF ORIGINATOR: ` James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: July 26, 2004 <br />TOPIC: Resolution No. 04 -104, Authorizing Execution of Development <br />Agreement, Marshan Estates <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council approved the preliminary plat of Marshan Estates on March 8, 2004. <br />Marshan Estates is an existing 4.94 acre site which will be subdivided into 5 parcels and <br />6 outlots. <br />In accordance with the preliminary plat approval and City policy, staff has prepared a <br />Development Agreement for the Marshan Estates Subdivision. The agreement provides <br />for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of $38,500.00 <br />representing 35 percent of the City improvement costs to insure completion of <br />the project in accordance with the approved plans. <br />2 Deposit of a cash escrow in the amount of $10,970.00 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 />Clyde Rehbein 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 —104, Authorizing Execution of Development <br />Agreement, Marshan Estates Subdivision. <br />3. Not adopt Resolution Number 04 - 104. <br />RECOMMENDATION: <br />Option No 2 - Staff recommends that Resolution Number 04 - 104 be adopted. <br />