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• <br />• <br />AGENDA ITEM 7Dii <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: August 11, 2003 <br />TOPIC: Resolution No. 03 - 129, Approving Development Agreement for <br />Street Construction, Lake Amelia Road <br />Vote Required: Simple Majority <br />BACKGROUND: <br />Currently, there are three existing Tots of record east of Centerville Road on the <br />north side of Amelia Lake. The developer is proposing to construction a road to <br />City of Lino Lakes standards to provide access to the three properties. All three <br />properties will access the new road, which will connect to Centerville Road. <br />In accordance with City policy, staff has prepared a Development Agreement for <br />Street Construction for Amelia Lake Road. The agreement provides for the <br />following: <br />1. Submittal by the developer of a Letter of Credit representing 150 percent <br />of the development improvement costs ($138,000.00) to insure <br />completion of the project in accordance with the approved plans. <br />2. Deposit of cash escrow ($40,260.00) to reimburse the City for costs <br />incurred by the City related to the improvements of the site and developer <br />improvements. <br />Royal Oaks Realty, Inc. has reviewed the contract and is in agreement of the <br />conditions set forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 03 - 129, Approving Development Agreement for <br />Street Construction, Lake Amelia Road. <br />3. Not adopt Resolution Number 03 — 129. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 03 - 129 be adopted. <br />