HomeMy WebLinkAbout2005-145 Council Resolution•
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CITY OF LINO LAKES
RESOLUTION NO. 05 -145
RESOLUTION APPROVING DEVELOPMENT CONTRACT, APOLLO LANDING.
WHEREAS, the City Council issued a preliminary plat and Planned Unit Development approval
for Apollo Landing on May 9, 2005, and
WHERAS, the City Council authorized execution of a Grading -Only Development Contract on
July 25, 2005, 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 Equinox Development for Apollo Landing and authorizes the Mayor
and City Clerk to execute such agreement on behalf of the City.
Adopted by the Lino Lakes City Council this 26th day of September, 2005.
Joh J. Ber eson, ayor
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AGENDA ITEM 6Cii
STAFF ORIGINATOR: James E. Studenski, City Engineer
COUNCIL MEETING DATE: September 26, 2005
TOPIC: Resolution No. 05 — 145, Approving Development Contract, Apollo
Landing
Vote Required: Simple Majority
BACKGROUND:
The City Council approved a preliminary plat and Planned Unit Development
approval on May 9, 2005 and authorized execution of a Grading -Only
Development Contract on July 25, 2005 for Apollo Landing. This development
provides for the construction of 5 commercial units on property located at 540
Lilac Drive.
In accordance with the preliminary plat approval and City policy, staff has
prepared a Development Contract for this project. The contract provides for the
following:
1. Submittal by the developer of a Letter of Credit in the amount of $191,500
representing 150 percent of the development improvement costs and a
Letter of Credit in the amount of $23,500 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 $29,000 to reimburse the City
for costs incurred by the City related to the development and
improvements of the site and developer improvements.
Equinox Development has reviewed the contract and is aware of the conditions
set forth.
OPTIONS:
1. Return to staff for further review.
2. Adopt Resolution Number 05 — 145, Approving Development Contract, Apollo
Landing.
RECOMMENDATION:
• Option No. 2 - Staff recommends that Resolution Number 05 — 145 be adopted.