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STAFF REPORT <br />DATE: February 21, 2023 <br /> CONSENT <br /> <br /> <br />TO: Mayor and City Council <br />FROM: Kristina Handt, City Administrator <br />AGENDA ITEM: Royal Golf 5th Addition Development Agreement <br />REVIEWED BY: Jack Griffin, City Engineer Sarah Sonsalla, City Attorney <br /> <br /> BACKGROUND: On December 20, 2022, the City Council adopted Resolution 2022-121 approving the Final Plat <br />and Final PUD for Royal Golf Club 5th Addition. An executed developer’s agreement is a <br />condition of final plat approval and is required prior to recording the final plat with Washington <br />County. <br />ISSUE BEFORE COUNCIL: The City Council is being asked to adopt Resolution 2023-012 approving the developer agreement for Royal Golf Club 5th Addition <br /> REVIEW/ANALYSIS: A condition of approval of the Royal Golf Club 5th Addition Final Plat is that the developer enter <br />into a Developer’s Agreement prior to the execution of the plat by City officials. The key aspects <br />of the agreement include the following components: <br />• That all public improvements to be completed by October 31, 2024 due to phasing within the addition. <br />• That the developer provide a letter of credit in the amount to be determined once all construction costs are provide to the engineering for review related to the cost of the proposed improvements. Staff is asking in the resolution for authority to add that completed Exhibit C once it is available. <br />• That the developer provide a cash deposit of $467,889.67 for park dedication, engineering <br />administration escrow, WAC and SACs and other related fees. <br />• The trail in this addition will not be constructed until 6th Addition because Lennar has to obtain an easement in the City’s favor over Outlot D which is still in HGC ownership.