HomeMy WebLinkAbout2003-175 Council ResolutionJ
•
•
CITY OF LINO LAKES
RESOLUTION NO. 03-175
RESOLUTION APPROVING DEVELOPMENT AGREEMENT FOR GRADING, RAVENS
HOLLOW.
WHEREAS, the City Council approved the preliminary plat of Ravens Hollow on July 9, 2003,
and
WHEREAS, the Developer, KG Development, Inc., is requesting approval to commence
grading of such development to be known as Ravens Hollow; 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 KG Development, Inc., for Ravens Hollow 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 13th day of October, 2003.
Ann J. BI
r, City Clerk
Joh Berg n, M yor
•
AGENDA ITEM 7D
STAFF ORIGINATOR: James E. Studenski, City Engineer
COUNCIL MEETING DATE: October 13, 2003
TOPIC: Resolution No. 03 - 175, Approving
Development Agreement for Grading, Ravens
Hollow
Vote Required: Simple Majority
BACKGROUND:
The City Council approved the preliminary plat of Ravens Hollow on July 9,
2003. KG Development, Inc., the Developer, is now requesting approval to
begin grading for the Ravens Hollow Development. Ravens Hollow Subdivision
consists of 56 units of residential development.
In accordance with the preliminary plat approval and City policy staff has
prepared a Development Agreement for Grading. The agreement provides for
• the following:
1. Submittal by the developer of a Letter of Credit in the amount of
$350,000.00 representing 150 percent of the development improvement
costs to insure completion of the project in accordance with the approved
plans.
2. Deposit of a cash escrow in the amount of $34,000.00 to reimburse the
City for costs incurred by the City related to the development and
improvements of the site and developer improvements.
KG Development, Inc. has reviewed the contract and is aware of the conditions
set forth.
•
OPTIONS:
1. Return to staff for further review.
2. Adopt Resolution Number 03 - 175, Approving Development Agreement for
Grading, Ravens Hollow.
3. Not adopt Resolution Number 03 — 175.
RECOMMENDATION:
Option No. 2 - Staff recommends that Resolution Number 03 - 175 be adopted.