2007-013 Council Ordinances - Laserfiche WebLink

Home Search

STAFF ORIGINATOR: CC MEETING DATE: TOPIC: BACKGROUND AGENDA ITEM 6.A. Paul Bengtson October 22, 2007 Grandview i. Resolution No. 07-171 Authorizing Execution of Development Contract. ii. Resolution No. 07-172 approving a final plat iii. Second Reading of Ordinance No. 13-07, vacating a permanent roadway easement Royal Oaks Realty received approval of a Preliminary Plat for Grandview from the City Council on August 13, 2007. To complete the process, a Final Plat for the project the developer has been submitted. Along with the final plat is the required request to vacate the permanent roadway easement that existed for the extension of Stage Coach Trail. The first reading of Ordinance No. L, 13-07 was completed at the October 8, 2007 City Council meeting. Additionally, accompanying the Final Plat request is a development agreement between the city and the developer. ANALYSIS Development Agreement The City Council approved the preliminary plat of Grandview on August 13, 2007 and authorized execution of a Grading Only Development Agreement on August 13, 2007. Grandview consists of 7 units of residential development and the existing lot. In accordance with the preliminary plat approval and City policy, staff has prepared a Development Agreement for Grandview. The agreement provides for the following: 1. Submittal by the developer of a Letter of Credit in the amount of $250,000.00 representing 150 percent of the development improvement costs and a Letter of Credit in the amount of $18,500.00 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 $50,000.00 to reimburse the City for costs incurred by the City related to the development and improvements of the site. The developer has reviewed the contract and is aware of the conditions set forth. L