2002-146 Council Resolution - Laserfiche WebLink

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STAFF ORIGINATOR: CITY COUNCIL MEETING DATE: TOPIC: BACKGROUND: AGENDA ITEM 7B Michael Grochala October 9, 2002 Consideration of Resolution No. 02-146 Approving Stoneybrook First Addition Development Contract The City Council approved the preliminary plat of Stoneybrook on August 26, 2002. Tollefeson Development, Inc., the Developer, is now requesting to approval to begin construction of improvements for the first phase of the development, to be known as Stoneybrook First Addition. Stoneybrook First Addition consists of 52 single family residential lots. In accordance with the preliminary plat approval and City policy staff has prepared a Development Agreement. The agreement provides for the following: 1. Submittal by the developer of a Letter of Credit in the amount of $2,410,900.00 representing 150% percent of the development improvement costs to insure completion of the project in accordance with the approved plans. 2. Submittal by the developer of a Letter of Credit in the amount of $102,900.00 representing 35% of the costs to be assessed for the project. 3. Deposit of a cash escrow in the amount of $267,750.00 to reimburse the City for costs incurred by the City related to the development and improvement of the site and developer improvements. 4. Section II.A.11, specifically states that the developer will be responsible for street and storm sewer maintenance until issuance of all Certificates of Occupancy for the development. Tollefeson Development, Inc., has reviewed the contract and is aware of the conditions setforth. RECOMMENDATION: Staff recommends approval of the Development Contract.