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STAFF ORIGINATOR: <br />CITY COUNCIL <br />MEETING DATE: <br />TOPIC: <br />BACKGROUND: <br />AGENDA ITEM 7G <br />Michael Grochala <br />April 8, 2002 <br />Consideration of Resolution No. 02-29 <br />Approving TCF Site Improvement Performance <br />Agreement <br />The City Council approved the Site and Building Plans for the TCF Bank, with <br />conditions per Resolution No. 02-11 on March 11, 2002. A revised set of plans <br />incorporating the required modifications prepared by Shea Architects, dated <br />March 26, 2002, was received by the City on March 27, 2002. <br />In accordance with the Site and Building Plan approvals staff has prepared a <br />Site Improvement Performance Agreement. The agreement provides for the <br />following: <br />1. Submittal by the developer of a Letter of Credit representing thirty-five <br />(35) percent of the site improvement costs to insure completion of the <br />project in accordance with the approved plans. <br />2. Waiver of procedure and appeal of special assessments for the <br />Lake/Apollo Drive Improvements upto the amount of $51,411.89. <br />3. Deposit of a cash escrow to reimburse the City for costs incurred by the <br />City related to the development and improvement of the site and <br />developer improvements. <br />TCF Bank has reviewed the agreement and is aware of the conditions setforth. <br />OPTIONS: <br />1. Approve Resolution No. 02-29 <br />2. Do not authorize execution of the agreement. <br />3. Return to staff for further consideration. <br />