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AGENDA ITEM 6Dii <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: October 12, 2004 <br />TOPIC: Resolution No. 04 -149, Approving Development Agreement for <br />Grading and Bridge, Pheasant Hills Preserve 12th Addition <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council approved the preliminary plat of Pheasant Hills Preserve 12th <br />Addition on September 27, 2004. Ed Vaughan, the Developer, is now requesting <br />approval to begin grading and bridge work for the Pheasant Hills Preserve 12th <br />Addition Development. Pheasant Hills Preserve 12th Addition consists of eight <br />residential Tots. <br />In accordance with the preliminary plat approval and City policy staff has <br />prepared a Development Agreement for Grading and Bridge. The agreement <br />provides for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of <br />$750,000.00 representing 150 percent of the development improvement <br />costs to insure completion of the project in accordance with the approved <br />plans. <br />2. Deposit of a cash escrow in the amount of $62,000.00 to reimburse the <br />City for costs incurred by the City related to the development and <br />improvements of the site and developer improvements. <br />Ed Vaughan 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 -149, Approving Development Agreement for <br />Grading and Bridge, Pheasant Hills Preserve 12th Addition. <br />3. Not adopt Resolution Number 04 -149. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 04 -149 be adopted. <br />