HomeMy WebLinkAbout# 09 - Easton Village Park LOC Reduction STAFF REPORT
DATE: September 19, 2017
CONSENT
TO: City Council
FROM: Emily Becker, Planning Director
REVIEWED BY: Kristina Handt, City Administrator
ISSUE BEFORE COUNCIL:
Should the City Council approve the letter of credit release for Easton Village 3rd Addition?
PROPOSAL DETAILS/ANALYSIS:
Staff has received and processed a request to release the letter of credit provided for park dedication for
Easton Village 3rd Addition. This request has been reviewed and the following letter of credit release is
being recommended as follows:
$10,854 for the Letter of Credit which was provided during the approval process of the Easton Village 2nd
Addition final plat. With the dedication of outlots B, I, and J, the required parkland dedication for the
entire development is satisfied, and the city is being requested to release this letter of credit amount. The
City has received proof that outlots B, I, and J were recorded.
The development agreement language that was approved by Council on July 18, 2017 is as follows:
22. PARK DEDICATION. The Developer is required to dedicate 9.84 acres of land for
public park purposes for the entire development. The Developer dedicated 3.99 acres with
Easton Village 1st Addition. The Developer provided a Letter of Credit in the amount of $10,854
which represented fee in lieu of park dedication for the Easton Village 2nd Addition final plat.
The Developer shall dedicate Outlots B, I and J, satisfying the remaining required 5.85 acres
park land consistent with the Lake Elmo Subdivision Ordinance. Upon recording of warranty
deeds for the Outlots B, I and J, the Letter of Credit in the amount of $10,854 which represented
fee in lieu of park dedication for the Easton Village 2nd Addition final plat shall be released by the
City.
FISCAL IMPACT: It is the City’s goal to retain at all times during the subdivision improvements a
security amount that is adequate to ensure completion of all elements of the improvements as protection
to the City tax payers against the potential of developer default. The developer has satisfied the obligation
of the Development Agreement by dedicating Outlots B, I, and J.
RECOMMENDATION: Staff is recommending that the City Council approve, as part of the Consent
Agenda, the letter of credit release for Easton Village 3rd Addition as detailed in this report and supporting
documentation. If removed from the consent agenda, the recommended motion for the action is as
follows:
“Move to approve letter of credit release for Easton Village 3rd Addition in the amount of $10,854
provided for park dedication.”