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• <br />AGENDA ITEM 7Aiii <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: October 13, 2003 <br />TOPIC: Resolution No. 03 - 173, Approving Development Agreement for Grading, <br />Miller's Crossroads <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council approved the preliminary plat of Miller's Crossroads on September 22, <br />2003. Bruggeman Properties, the Developer, is now requesting approval to begin <br />grading for the Miller's Crossroads Development. Miller's Crossroads Subdivision <br />consists of 152 units of residential development and a commercial lot. <br />In accordance with the preliminary plat approval and City policy staff has prepared a <br />Development Agreement for Grading. The agreement provides for the following: <br />• 1. Submittal by the developer of a Letter of Credit in the amount of $472,500.00 <br />representing 150 percent of the development improvement costs to insure <br />completion of the project in accordance with the approved plans. <br />2. Deposit of a cash escrow in the amount of $51,000.00 to reimburse the City for <br />costs incurred by the City related to the development and improvements of the <br />site and developer improvements. <br />Bruggeman Properties has reviewed the contract and is aware of the conditions set <br />forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 03 - 173, Approving Development Agreement for Grading, <br />Miller's Crossroads. <br />3. Not adopt Resolution Number 03 — 173. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 03 - 173 be adopted. <br />• <br />