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STAFF REPORT <br />DATE: August 20, 2024 <br /> CONSENT <br /> <br /> <br />TO: Mayor and City Council <br />FROM: Nathan Fuerst, AICP, Consulting City Planner <br />AGENDA ITEM: Prairie Sky Twinhomes - Development Agreement <br />REVIEWED BY: Jason Stopa, Community Development Director Jack Griffin, City Engineer Sarah Sonsalla, City Attorney <br /> <br /> BACKGROUND: <br /> On August 15, 2023, the City Council adopted Resolution 2023-076 approving the Final Plat and <br />Final PUD for Prairie Sky Twinhomes. An executed developer’s agreement is a condition of final <br />plat approval and is required prior to recording the final plat with Washington County. <br />ISSUE BEFORE COUNCIL: The City Council is being asked to adopt Resolution 2024-089 approving the developer agreement for Prairie Sky Twinhomes. <br /> REVIEW/ANALYSIS: A condition of approval of the Prairie Sky Twinhomes Final Plat is that the developer enter into a <br />Developer’s Agreement prior to the execution of the plat by City officials. The key aspects of the <br />agreement include the following components: <br />• That all public improvements to be completed by October 31, 2025. <br />• That the developer provide a letter of credit in the amount shown in Exhibit C or as <br />modified by the City Attorney in consultation with the City Engineer. <br />• That the developer provide a cash deposit of $341,900 for park dedication, engineering administration escrow, AUAR area fee, and other related fees. <br />Upon execution of this Agreement, receipt of all fees and securities, recording of the final plat and <br />the completion of a Preconstruction meeting with the City, construction can commence. <br />FISCAL IMPACT: The future financial impacts include maintenance of sanitary sewer mains, watermains and other <br />public infrastructure, maintenance of storm water ponding areas (after warranty period), and other