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AGENDA ITEM 6K STAFF ORIGINATOR: James E. Studenski, City Engineer COUNCIL MEETING DATE: October 25, 2004 TOPIC: Resolution No. 04 -167, Approving Development Contract, Crystal Cove Vote Required: Simple Majority BACKGROUND: The Planning and Zoning Commission approved the final plat of Crystal Cove on August 11, 2004. The Developer, North Suburban Development, Inc. is requesting approval to allow for developing Outlot B of Highland Meadows East, located on the south side of 79th Street, just west of Lake Drive. The 0.64 acre parcel will essentially be split into 3 single - family residential lots. In accordance with the preliminary plat approval and City policy staff has prepared a Development Contract. The contract provides for the following: 1. Submittal by the developer of a Letter of Credit in the amount of $27,600 representing 150 percent of the development improvement costs and a Letter of Credit in the amount of $4,800 representing 35 percent of the City improvement costs to insure completion of the project in accordance with the approved plans. 2. Deposit of a cash escrow in the amount of $12,700 to reimburse the City for costs incurred by the City related to the development and improvements of the site and developer improvements. North Suburban Development, Inc. has reviewed the contract and is aware of the conditions set forth. OPTIONS: 1. Return to staff for further review. 2. Adopt Resolution Number 04 -167, Approving Development Contract, Crystal Cove. 3. Not adopt Resolution Number 04 -167. RECOMMENDATION: Option No. 2 - Staff recommends that Resolution Number 04 -167 be adopted.