HomeMy WebLinkAbout2003-185 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 03-185
RESOLUTION APPROVING DEVELOPMENT AGREEMENT, RAVENS HOLLOW.
WHEREAS, the City Council approved the preliminary plat of Ravens Hollow on July 9, 2003,
and a grading only development agreement on October 13, 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 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 27th day of October, 2003.
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J n J.
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Ann J. Blair,pity Clerk
o , Mayor
AGENDA ITEM 7C
STAFF ORIGINATOR: James E. Studenski, City Engineer
COUNCIL MEETING DATE: October 27, 2003
TOPIC: Resolution No. 03 - 185, Approving Development Agreement, Ravens
Hollow
Vote Required: Simple Majority
BACKGROUND:
The City Council approved the preliminary plat of Ravens Hollow on July 9, 2003 and
authorized execution of a grading only development agreement on October 13, 2003.
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 Ravens Hollow Subdivision. The agreement provides for
the following:
1. Submittal by the developer of a Letter of Credit in the amount of $1,063,000.00
representing 150 percent of the development improvement costs and a Letter of
Credit in the amount of $100,750.00 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 $239,500.00 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 -185, Approving Development Agreement, Ravens
Hollow.
3. Not adopt Resolution Number 03 —185.
RECOMMENDATION:
Option No. 2 - Staff recommends that Resolution Number 03 -185 be adopted.