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STAFF ORIGINATOR: <br />CITY COUNCIL <br />MEETING DATE: <br />TOPIC: <br />BACKGROUND: <br />AGENDA ITEM 7A <br />Michael Grochala <br />October 14, 2002 <br />Consideration of Resolution No. 02-145 <br />Approving JADT Addition Development <br />Contract <br />The City Council approved the preliminary plat of JADT Addition on September <br />9, 2002. In accordance with the Subdivision Ordinance and conditions of <br />approval, staff has prepared a Development Contract for City Council approval <br />and execution. JADT Addition consists of four (4) commercial lots. <br />In addition to construction requirements the contract provides for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of <br />$133,700.00 representing 35% percent of the development improvement <br />costs to insure completion of the project in accordance with the approved <br />plans. <br />Deposit of a cash escrow in the amount of $40,685.68 to reimburse the <br />City for costs incurred by the City related to the development and <br />improvement of the site and developer improvements. <br />JADT Development Group, LLP, the developer, has reviewed the agreement and <br />is aware of the conditions setforth. <br />RECOMMENDATION: <br />Staff recommends approval of the Development Contract. <br />ATTACHMENTS <br />1. Resolution No. 02-145 <br />2. Development Contract <br />