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• <br />• <br />• <br />STAFF ORIGINATOR: <br />CITY COUNCIL <br />MEETING DATE: <br />TOPIC: <br />BACKGROUND: <br />AGENDA ITEM 7A(iv) <br />Michael Grochala <br />September 22, 2003 <br />Consideration of Resolution No. 03-169 <br />Approving Marshan Lakes Industrial Park <br />Development Contract <br />The conditions of preliminary plat approval for the Marshan Lakes Industrial Park <br />include execution of a Development Contract between the city and developer. <br />In accordance with City policy, staff has prepared a Development Agreement for <br />City Council consideration. The agreement provides for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of <br />$974,676.00 representing 150% of the development's Public <br />Improvement costs to insure completion of the project in accordance with <br />the approved plans. <br />2. Deposit of a cash escrow in the amount of $371,825.00 to reimburse the <br />City for costs incurred by the City related to the development and fees in <br />accordance with City requirements. The total escrow will be adjusted <br />following final determination of trunk utility credits by the City Engineer. <br />RECOMMENDATION: <br />Staff recommends approval Resolution No. 03-169 authorizing execution of the <br />Development Contract. <br />ATTACHMENTS <br />1. Resolution No. 03-169 <br />2. Development Contract. <br />