HomeMy WebLinkAbout2005-031 Council Resolution•
CITY OF LINO LAKES
RESOLUTION NO. 05 - 31
RESOLUTION AUTHORIZING EXECUTION OF DEVELOPMENT AGREEMENT, CENTURY
FARM NORTH 3RD ADDITION.
WHEREAS, the City Council approved the preliminary plat of Century Farm North on April 28,
2003, and a grading only development agreement on May 27, 2003, and
WHEREAS, the City's subdivision ordinance and conditions of approval require the execution of
a development contract, between the Developer and the City of Lino Lakes, prior to
commencement of site construction activities and final plat approval to insure satisfactory
completion of public improvements.
NOW, THEREFORE, BE IT RESOLVED THAT the Lino Lakes City Council approves the
Development Contract with Century Farm Development, Inc., for Century Farm North 3rd
Addition Subdivision and authorizes the Mayor and City Clerk to execute such agreement on
behalf of the city.
Adopted by the Lino Lakes City Council this 14th day of March, 2005.
Jean V • e Deputy Clerk
J. Ber 'son, ' ayor
AGENDA ITEM 6Cii
STAFF ORIGINATOR: James E. Studenski, City Engineer
COUNCIL MEETING DATE: March 14, 2005
TOPIC: Resolution No. 05 - 31, Authorizing Execution of Development
Agreement, Century Farm North 3rd Addition
Vote Required: Simple Majority
BACKGROUND:
The City Council approved the preliminary plat of Century Farm North on April 28, 2003
and authorized execution of a grading only development agreement on May 27, 2003.
Century Farm North Addition consists of 249 units of residential development. Century
Farm North 3rd Addition consists of 52 units of residential development.
In accordance with the preliminary plat approval and City policy, staff has prepared a
Development Agreement the Century Farm North 3`d Addition Development. The
agreement provides for the following:
1. Submittal by the developer of a Letter of Credit in the amount of $952,500.00
representing 150 percent of the development improvement costs and a Letter of
Credit in the amount of $47,500.00 representing 35 percent of the City
improvement costs to insure completion of the project in accordance with the •
approved plans.
2. Deposit of a cash escrow in the amount of $157,500.00 to reimburse the City for
costs incurred by the City related to the development and improvements of the
site and developer improvements.
Century Farm Development, Inc. has reviewed the contract and is aware of the
conditions set forth.
OPTIONS:
1. Retum to staff for further review.
2. Adopt Resolution Number 05 — 31, Authorizing Execution Development Agreement,
Century Farm North 3rd Addition.
3. Not adopt Resolution Number 05 - 31.
RECOMMENDATION:
Option No. 2 - Staff recommends that Resolution Number 05 - 31 be adopted.