HomeMy WebLinkAbout2003-129 Council Resolution•
CITY OF LINO LAKES
RESOLUTION NO. 03-129
RESOLUTION APPROVING DEVELOPMENT AGREEMENT FOR STREET CONSTRUCTION,
LAKE AMELIA ROAD.
WHEREAS, there are three existing lots of record east of Centerville Road and north of Amelia
Lake, and
WHEREAS, the 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 to insure satisfactory completion of public improvements.
NOW, THEREFORE, BE IT RESOLVED THAT the Lino Lakes City Council approves the
Development Contract with Royal Oaks Realty, Inc., for Lake Amelia Road and authorizes the
Mayor and City Clerk to execute such agreement on behalf of the city.
Adopted by the Lino Lakes City Council this 11th day of August, 2003.
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Ann J. Blai, City Clerk
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Joh J. Bergson, Mayor
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AGENDA ITEM 7Dii
STAFF ORIGINATOR: James E. Studenski, City Engineer
COUNCIL MEETING DATE: August 11, 2003
TOPIC: Resolution No. 03 - 129, Approving Development Agreement for
Street Construction, Lake Amelia Road
Vote Required: Simple Majority
BACKGROUND:
Currently, there are three existing Tots of record east of Centerville Road on the
north side of Amelia Lake. The developer is proposing to construction a road to
City of Lino Lakes standards to provide access to the three properties. All three
properties will access the new road, which will connect to Centerville Road.
In accordance with City policy, staff has prepared a Development Agreement for
Street Construction for Amelia Lake Road. The agreement provides for the
following:
1. Submittal by the developer of a Letter of Credit representing 150 percent
of the development improvement costs ($138,000.00) to insure
completion of the project in accordance with the approved plans.
2. Deposit of cash escrow ($40,260.00) to reimburse the City for costs
incurred by the City related to the improvements of the site and developer
improvements.
Royal Oaks Realty, Inc. has reviewed the contract and is in agreement of the
conditions set forth.
OPTIONS:
1. Return to staff for further review.
2. Adopt Resolution Number 03 - 129, Approving Development Agreement for
Street Construction, Lake Amelia Road.
3. Not adopt Resolution Number 03 — 129.
RECOMMENDATION:
Option No. 2 - Staff recommends that Resolution Number 03 - 129 be adopted.