2003-186 Council Resolution - Laserfiche WebLink

Home Search

AGENDA ITEM 7D STAFF ORIGINATOR: James E. Studenski, City Engineer COUNCIL MEETING DATE: October 27, 2003 TOPIC: Resolution No. 03 - 186, Approving Development Agreement for Grading, Hailey Manor Vote Required: Simple Majority BACKGROUND: The City Council approved the preliminary plat of Hailey Manor on September 8, 2003. Frank Feela, Inc., the Developer, is now requesting approval to begin grading for the Hailey Manor Development. Hailey Manor consists of four existing residential Tots to be subdivided into 14 residential units. In accordance with the preliminary plat approval and City policy staff has prepared a Development Agreement for Grading. The agreement provides for the following: 1. Submittal by the developer of a Letter of Credit in the amount of $35,000.00 representing 150 percent of the development improvement costs to insure completion of the project in accordance with the approved plans. 2. Deposit of a cash escrow in the amount of $17,500.00 to reimburse the City for costs incurred by the City related to the development and improvements of the site and developer improvements. Frank Feela, Inc. has reviewed the contract and is aware of the conditions set forth. OPTIONS: 1. Return to staff for further review. 2. Adopt Resolution Number 03 - 186, Approving Development Agreement for Grading, Hailey Manor. 3. Not adopt Resolution Number 03 —186. RECOMMENDATION: Option No. 2 - Staff recommends that Resolution Number 03 - 186 be adopted.