HomeMy WebLinkAboutStaff Report-Royal Golf Escrow AgreementSTAFF REPORT
DATE: October 4, 2016
CONSENT
ITEM #:
MOTION
TO: Mayor and City Council
FROM: Kristina Handt, City Administrator
AGENDA ITEM: Royal Golf Club Escrow Agreement
BACKGROUND: Staff met with representatives of HC Golf Development LLC to discuss the next steps in the development
process for the Tartan Park property (Royal Golf Club) after concept plan approval was granted. In order to facilitate the needed work and not place any financial risk on the city an escrow agreement was discussed.
ISSUE BEFORE COUNCIL: Should the Council approve an escrow agreement with Royal Golf Club?
PROPOSAL DETAILS/ANALYSIS: A copy of the agreement is included in your packet. This process will allow the developer to get feedback from staff on items that are needed or of concern before a preliminary plat is submitted so that the developer will have the opportunity to produce an application that addresses staff concerns ahead of submittal. The developer will reimburse the city for all costs by first depositing an escrow of $20,000. Once the escrow goes below $5,000, the developer will be notified to replenish it. FISCAL IMPACT: All city costs will be covered by the developer. OPTIONS: 1) Approve the escrow agreement with HC Golf Course Development LLC 2) Do not approve the escrow agreement with HC Golf Course Development LLC
RECOMMENDATION: If removed from the consent agenda: Motion to approve the escrow agreement with HC Golf Course Development LLC