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STAFF REPORT <br />DATE: February 21, 2023 <br /> CONSENT <br /> <br /> <br />TO: Mayor and City Council <br />FROM: Kristina Handt, City Administrator <br />AGENDA ITEM: Royal Golf 5th Addition Development Agreement <br />REVIEWED BY: Jack Griffin, City Engineer <br /> Sarah Sonsalla, City Attorney <br /> <br /> <br /> <br />BACKGROUND: <br /> <br />On December 20, 2022, the City Council adopted Resolution 2022-121 approving the Final Plat <br />and Final PUD for Royal Golf Club 5th Addition. An executed developer’s agreement is a <br />condition of final plat approval and is required prior to recording the final plat with Washington <br />County. <br />ISSUE BEFORE COUNCIL: <br /> <br />The City Council is being asked to adopt Resolution 2023-012 approving the developer agreement <br />for Royal Golf Club 5th Addition <br /> <br />REVIEW/ANALYSIS: <br /> <br />A condition of approval of the Royal Golf Club 5th Addition Final Plat is that the developer enter <br />into a Developer’s Agreement prior to the execution of the plat by City officials. The key aspects <br />of the agreement include the following components: <br />• That all public improvements to be completed by October 31, 2024 due to phasing within <br />the addition. <br />• That the developer provide a letter of credit in the amount to be determined once all <br />construction costs are provide to the engineering for review related to the cost of the <br />proposed improvements. Staff is asking in the resolution for authority to add that completed <br />Exhibit C once it is available. <br />• That the developer provide a cash deposit of $467,889.67 for park dedication, engineering <br />administration escrow, WAC and SACs and other related fees. <br />• The trail in this addition will not be constructed until 6th Addition because Lennar has to <br />obtain an easement in the City’s favor over Outlot D which is still in HGC ownership.