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LA515-110-862820.v1 <br />STAFF REPORT <br />DATE: MARCH 21, 2023 <br />CONSENT <br /> <br /> <br />TO: Mayor and City Council <br /> <br />FROM: Sarah Sonsalla, City Attorney <br /> <br />AGENDA ITEM: DPS Lake Elmo 3rd Addition Development Agreement <br /> <br />REVIEWED BY: Kristina Handt, City Administrator <br /> Jack Griffin, City Engineer <br /> Sophia Jensen, City Planner <br /> <br /> <br />BACKGROUND: <br />On November 1, 2022, the City Council adopted Resolution 2022-103 approving the Final Plat for <br />DPS Lake Elmo 3rd Addition (known as Hendrix Apartments). On December 20, 2022, the City <br />Council adopted Resolution 2022-124 approving the Final PUD Plan for DPS Lake Elmo 3rd Addition. <br />An executed development agreement is a condition of final plat approval and is required prior to <br />recording the final plat with Washington County. <br /> <br />ISSUE BEFORE COUNCIL: <br />The City Council is being asked to adopt Resolution 2023-025 approving the Development Agreement <br />for DPS Lake Elmo 3rd Addition. <br /> <br />REVIEW/ANALYSIS: <br />A condition of approval of the DPS Lake Elmo 3rd Addition Final Plat is that the developer enter into <br />a development agreement prior to the execution of the plat by City officials. The key aspects of the <br />Development Agreement include the following components: <br />• That all public improvements are to be completed by December 31, 2024. <br />• That the Developer provide a letter of credit in the amount of $2,156,017. <br />• That the Developer provide a cash deposit of $430,000 for park dedication and City <br />engineering administration escrow. <br />• The City will reimburse the Developer in the amount of $40,704 for the mill and overlay <br />improvements along Hudson Boulevard, south of the existing roadway centerline. <br />• The Developer will execute a Stormwater Maintenance and Easement Agreement in the City’s <br />standard form to ensure the continued maintenance of the stormwater facilities. <br />The construction plans are still being finalized by the City Engineer so the resolution also asks for staff <br />authority to add that exhibit to the Development Agreement before recording. Upon execution of the <br />Development Agreement, receipt of all fees and securities, recording of the final plat, and the <br />completion of a preconstruction meeting with the City, construction can commence. <br />