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AGENDA ITEM 7Ci <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: July 14, 2003 <br />TOPIC: Resolution No 03 -100, Authorizing Execution of Development <br />Agreement, Century Farm 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 and authorized execution of a grading only development agreement on <br />May 27, 2003. Century Farm North Addition consists of 249 units of residential <br />development. <br />In accordance with the preliminary plat approval and City policy, staff has <br />prepared a Development Agreement the Century Farm North Development. The <br />agreement provides for the following: <br />1. Submittal by the developer of a Letter of representing 150 percent of the <br />development improvement costs to insure completion of the project in <br />accordance with the approved plans. <br />Deposit of a cash escrow to reimburse the City for costs incurred by the <br />City related to the development and improvements of the site and <br />developer improvements. <br />Century Farm Development, Inc. has reviewed the contract and is aware of the <br />conditions set forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 03 -100, Authorizing Execution of Development <br />Agreement, Century Farm North. <br />3. Not adopt Resolution Number 03 —100. <br />RECOMMENDATION: <br />Option No 2 Staff recommends that Resolution Number 03 - 100 be adopted. <br />