HomeMy WebLinkAbout2003-169 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 03-169
RESOLUTION APPROVING MARSHAN LAKE INDUSTRIAL PARK
DEVELOPMENT CONTRACT
WHEREAS, The City Council approved the preliminary plat of Marshan Lake
Industrial Park on September 22, 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 the Development Contract with Glen Rehbein, et al., for Marshan
Lake Industrial Park and authorizes the Mayor and City Clerk to execute such
agreement on behalf of the City.
Adopted by the Lino Lakes City Council this 22"d. : of September, 2003.
ATTEST:
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Ann Blair, ity Clerk
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John J.:erg :-_on, ayor
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STAFF ORIGINATOR:
CITY COUNCIL
MEETING DATE:
TOPIC:
BACKGROUND:
AGENDA ITEM 7A(iv)
Michael Grochala
September 22, 2003
Consideration of Resolution No. 03-169
Approving Marshan Lakes Industrial Park
Development Contract
The conditions of preliminary plat approval for the Marshan Lakes Industrial Park
include execution of a Development Contract between the city and developer.
In accordance with City policy, staff has prepared a Development Agreement for
City Council consideration. The agreement provides for the following:
1. Submittal by the developer of a Letter of Credit in the amount of
$974,676.00 representing 150% of the development's Public
Improvement costs to insure completion of the project in accordance with
the approved plans.
2. Deposit of a cash escrow in the amount of $371,825.00 to reimburse the
City for costs incurred by the City related to the development and fees in
accordance with City requirements. The total escrow will be adjusted
following final determination of trunk utility credits by the City Engineer.
RECOMMENDATION:
Staff recommends approval Resolution No. 03-169 authorizing execution of the
Development Contract.
ATTACHMENTS
1. Resolution No. 03-169
2. Development Contract.