HomeMy WebLinkAbout2002-146 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 02-146
RESOLUTION APPROVING STONEYBROOK FIRST ADDITION
DEVELOPMENT CONTRACT
WHEREAS, The City Council approved the preliminary plat of Stoneybrook on August
26, 2002, and
WHEREAS, the Developer, Tollefson Development, Inc., is requesting approval to
commence construction of the first phase of such development to be known as
Stoneybrook First Addition; 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 Tollefeson Development, Inc., for Stoneybrook First
Addition and authorizes the Mayor and City Clerk to execute such agreement on behalf
of the City.
Adopted by the Lino Lakes City Council this 14`h day of October, 2002.
iL-
John J. Bergeson; Mayor
A'1" 1'hST:
STAFF ORIGINATOR:
CITY COUNCIL
MEETING DATE:
TOPIC:
BACKGROUND:
AGENDA ITEM 7B
Michael Grochala
October 9, 2002
Consideration of Resolution No. 02-146
Approving Stoneybrook First Addition
Development Contract
The City Council approved the preliminary plat of Stoneybrook on August 26,
2002. Tollefeson Development, Inc., the Developer, is now requesting to
approval to begin construction of improvements for the first phase of the
development, to be known as Stoneybrook First Addition. Stoneybrook First
Addition consists of 52 single family residential lots.
In accordance with the preliminary plat approval and City policy staff has
prepared a Development Agreement. The agreement provides for the following:
1. Submittal by the developer of a Letter of Credit in the amount of
$2,410,900.00 representing 150% percent of the development
improvement costs to insure completion of the project in accordance with
the approved plans.
2. Submittal by the developer of a Letter of Credit in the amount of
$102,900.00 representing 35% of the costs to be assessed for the project.
3. Deposit of a cash escrow in the amount of $267,750.00 to reimburse the
City for costs incurred by the City related to the development and
improvement of the site and developer improvements.
4. Section II.A.11, specifically states that the developer will be responsible
for street and storm sewer maintenance until issuance of all Certificates of
Occupancy for the development.
Tollefeson Development, Inc., has reviewed the contract and is aware of the
conditions setforth.
RECOMMENDATION:
Staff recommends approval of the Development Contract.
ATTACHMENTS
1. Resolution No. 02-146
2. Development Contract.