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AGENDA ITEM 7Aiv <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: May 27, 2003 <br />TOPIC: <br />Resolution No. 03 75, Approving Grading Plan and Authorizing <br />Execution of Development Agreement for Grading, Century Farm <br />North <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council approved the preliminary plat of Century Farm North on April <br />28, 2003. Century Farm Development, Inc., the Developer, is now requesting <br />approval to begin grading for the Century Farm North Development. Century <br />Farm North Addition consists of 249 units of residential development. <br />In accordance with the preliminary plat approval and City policy staff has <br />prepared a Development Agreement for Grading. The agreement provides for <br />the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of <br />$472,155.00 representing 150 percent of the development improvement <br />costs to insure completion of the project in accordance with the approved <br />plans. <br />Deposit of a cash escrow in the amount of $47,000.00 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 />Century Farm Development, Inc. has reviewed the contract and is aware of the <br />conditions set forth. <br />OPTIONS: <br />1. Retum to staff for further review. <br />Adopt Resolution Number 03 - 75, approving grading plan and authorizing <br />execution of Development Agreement for Grading, Century Farm North. <br />3. Not adopt Resolution Number 03 75. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 03 - 75 be adopted. <br />