2003-077 Council Resolution - Laserfiche WebLink

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STAFF ORIGINATOR: CITY COUNCIL MEETING DATE: TOPIC: VOTE REQUIRED: BACKGROUND: AGENDA ITEM 7F Michael Grochala May 27, 2003 Consideration of Resolution No. 03 -77 Approving Amendment to Stoneybrook Development Contract Simple Majority The City Council approved the preliminary plat of Stoneybrook on August 26, 2002 and the Development Contract for Phase I on October 14, 2002. The approved Phasing Plan incorporated in the Development Contract stipulated that a maximum of 52 lots could be final platted in 2002 and remaining lots in 2003. In accordance with the contract Tollefeson Development, Inc., the Developer, is requesting and amendment to the contract to incorporate Phase II development and allow for public improvements to be constructed on the remainder of the development. A final plat encompassing the entire 103 lot subdivision currently be reviewed by staff. It is anticipated that this will be brought forward for council approval at the June 9, City Council meeting. The changes to the contract relate specifically to the increase in dollar amounts required for the Letter of Credits to cover developer improvement costs, cost to be assessed and cash escrows outlined in Attachment A and B of the contract. Tollefeson Development, Inc., has reviewed the contract and is aware of the conditions setforth. RECOMMENDATION: Staff recommends approval of the Development Contract. ATTACHMENTS 1. Resolution No. 03 -77 2. Development Contract.