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STAFF REPORT <br />DATE: March 19, 2024 <br /> CONSENT <br /> <br /> <br />TO: Mayor and City Council <br />FROM: Jenni Faulkner Consulting City Planner <br />AGENDA ITEM: Easton Village 6th and 7th Additions Development Agreement <br />REVIEWED BY: Jack Griffin, City Engineer <br /> Sarah Sonsalla, City Attorney <br /> <br /> <br /> <br />BACKGROUND: <br /> <br />On December 13, 2022, the City Council adopted Resolution 2022-118 approving the Final Plat <br />for the Easton Village 7th Addition. The plat consists of 26 lots. The plat was extended on June <br />6, 2023 and again on February 6, 2024 (Resolutions 2023-054 and 2024-017 respectively) An <br />executed developer’s agreement is a condition of final plat approval and is required prior to <br />recording the final plat with Washington County. <br />Related to this, on August 15, 2023 the City Council adopted Resolution 2023-079 approving the <br />Final Plat for the Easton Village 6th Addition. This plat consists of 1 lot which was used for <br />temporary access for previous additions. The plat was extended on February 6, 2024 with the <br />adoption of Resolution 2024-016. An executed developer’s agreement is a condition of final plat <br />approval and is required prior to recording the final plat with Washington County. <br />Because of the timing and the fact Easton Village 6th Addition is only one lot, it make sense to <br />combine into one Development Agreement. The infrastructure for the sixth addition is in place, <br />however other conditions related to the development of the lot remain. <br />ISSUE BEFORE COUNCIL: <br /> <br />The City Council is being asked to adopt Resolution 2024-033 approving the developer agreement <br />for Easton Village 6th and 7th Additions for Chase Development. <br /> <br />REVIEW/ANALYSIS: <br /> <br />Some items of note in this agreement include: <br />• That all public improvements to be completed by June 30, 2026. <br />• That the developer provide a letter of credit in the amount of $1,137,575 for public <br />improvements costs related to the development.