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STAFF REPORT <br />DATE: September 17, 2024 <br /> CONSENT <br /> <br /> <br />TO: Mayor and City Council <br />FROM: Nathan Fuerst, AICP, Consulting City Planner <br />AGENDA ITEM: Bridgewater Village - Development Agreement <br />REVIEWED BY: Jason Stopa, Community Development Director <br /> Jack Griffin, City Engineer <br /> Sarah Sonsalla, City Attorney <br /> <br /> <br /> <br />BACKGROUND: <br /> <br />On May 21, 2024, the City Council adopted Resolution 2024-067 approving the Final Plat for <br />Bridgewater Village. An executed developer’s agreement is a condition of final plat approval and <br />is required prior to recording the final plat with Washington County. <br />ISSUE BEFORE COUNCIL: <br /> <br />Should the City Council adopt Resolution 2024-092 approving the developer agreement for <br />Bridgewater Village? <br /> <br />REVIEW/ANALYSIS: <br /> <br />A condition of approval of the Bridgewater Village 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 June 1, 2026. <br />• That the developer provide a letter of credit in the amount shown in Exhibit B or as <br />modified by the City Attorney in consultation with the City Engineer. <br />• That the developer provide a cash deposit of $216,818 for park dedication and the <br />engineering administration escrow. <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, and other related requirements listed in <br />Section 3, construction can commence. <br />FISCAL IMPACT: <br />