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STAFF REPORT DATE: August 20, 2024 CONSENT TO: Mayor and City Council FROM: Nathan Fuerst, AICP, Consulting City Planner AGENDA ITEM: Lake Elmo Townhomes 8 - Development Agreement REVIEWED BY: Jason Stopa, Community Development Director Jack Griffin, City Engineer Sarah Sonsalla, City Attorney BACKGROUND: On May 21, 2024, the City Council adopted Resolution 2024-066 approving the Final Plat and Final PUD for Lake Elmo Townhomes 8. An executed developer’s agreement is a condition of final plat approval and is required prior to recording the final plat with Washington County. ISSUE BEFORE COUNCIL: The City Council is being asked to adopt Resolution 2024-088 approving the developer agreement for Lake Elmo Townhomes 8. REVIEW/ANALYSIS: A condition of approval of the Lake Elmo Townhomes Final Plat is that the developer enter into a Developer’s Agreement prior to the execution of the plat by City officials. The key aspects of the agreement include the following components: • That all public improvements to be completed by October 31, 2026. • That the developer provide a letter of credit in the amount to be determined once all construction costs are reviewed related to the cost of the proposed improvements. Staff is asking in the resolution for authority to add or modify that completed Exhibit C once it is available. • That the developer provide a cash deposit of $223,775 for park dedication, engineering administration escrow, AUAR area fee, and other related fees. Upon execution of this Agreement, receipt of all fees and securities, recording of the final plat and the completion of a Preconstruction meeting with the City, construction can commence.