#08 - Crossroads East 5th Amendment to the Development Agreement

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LA515\89\988411.v1 STAFF REPORT DATE: 1/21/2025 Consent TO: Mayor and City Council FROM: Sophia Jensen, Senior City Planner AGENDA ITEM: Crossroads East – 5th Amendment to the Development Agreement REVIEWED BY: Sarah Evenson, Landscape Architect Sarah Sonsalla, City Attorney Jason Stopa, Community Development Director BACKGROUND: The City has received a request by Amy Johnson with Crossroads Properties on December 30th, 2024, for a fifth amendment to the Development Agreement for Crossroads East development (11160 Hudson Blvd and 11190 Hudson Blvd). The request is to revert section 32 ‘Reduction of Security’ to the City’s standard security reduction for a landscape warranty. Below is a summary of the amendments to the development agreement to date: 1. 1st Amendment – An amendment to allow the developer to proceed with vertical construction of the buildings on the platted property prior to completion of the public improvements. (2022). 2. 2nd Amendment – An amendment to extend the time allowed to complete the public infrastructure improvements. This would be an interim agreement while staff revised the agreement to remove the restrictions on tenant improvements. (2022) 3. 3rd Amendment – An amendment extending the deadline for public infrastructure improvements and allowing issuance of tenant building permits. (2022). 4. 4th Amendment – An amendment extending the deadline for public improvement completion in exchange for the installation of a screening fence along the northern property boundary. (2022) The proposed 5th Amendment is to change the landscape security release percentages to the City’s standard language. This development has a unique reduction percentage for landscaping and the intent of this regulation is unclear. The developer has made strides in addressing inspection memos and address concerns since its initial approval. It is anticipated the Development will be accepted into the 2 year landscape warranty (and qualify for the initial reduction) in the Spring of 2025. Staff finds the request reasonable given their efforts towards acceptance and the request is consistent with what we require of other developments. ISSUE BEFORE CITY COUNCIL: Should the City approve a fifth amendment to the Development Agreement for Crossroads East as outlined in the staff report? PROPOSAL: Current Development Agreement. Section 37 The current Development Agreement’s security release is unique to this development. It allows 35% security release for initial acceptance of landscaping, a 37% reduction after the first year, and a final 25% reduction once the warranty period is complete. It is unclear why staff required this breakdown at the time. Proposed Development Agreement Language. The Developer is asking that the Development Agreement for Crossroads East be amended to the City’s standard landscape reduction language which