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• <br />AGENDA ITEM 6C <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: November 22, 2004 <br />TOPIC: Resolution No. 04 -177, Approving Development Contract (Grading <br />Only), Highland Meadows East 2nd Addition <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council authorized a property re- zoning and Conditional Use Permit to <br />provide for a proposed development titled Highland Meadows East 2nd Addition <br />on August 9, 2004. The Developer, TSM Development, Inc. is now requesting <br />approval to begin grading work. Highland Meadows East 2nd Addition provides <br />for the construction of 18 residential units on a parcel of property near the <br />intersection of 79th Avenue North and Nancy Drive. <br />In accordance with the preliminary plat approval and City policy staff has <br />prepared a Development Contract for Grading only. The contract provides for <br />the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of <br />$270,000.00 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 $17,500.00 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 />TSM Development, Inc. has reviewed the contract and is aware of the conditions <br />set forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 04 -177, Approving Development Contract for <br />Grading, Highland Meadows East 2nd Addition. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 04 -177 be adopted. <br />