Agenda - Council - 11/13/2012 - Laserfiche WebLink

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CC Regular Session Meeting Date: 11/13/2012 By: Darren Lazan, Housing & Redevelopment Authority Information Title: Consider Deferral for Development Fees - Sunwood Retail Area 7. 2. Background: In a number of previous approvals by both the HRA and the City Council, the Sunwood Retail Area has been approved for development and closings with buyers are scheduled for the Spring of 2013. The HRA and City Council have approved the final plat and the development agreement outlining the normal development fees due at the time the plat is recorded. The final plat was scheduled to be recorded with the initial closing and the development fees for all three HRA parcels would be paid from the proceeds of the initial closing. Sunwood Drive, as currently constructed, is on HRA property under a license agreement approved by the HRA this spring. It was intended that the Plat would be recorded this fall, providing the necessary permanent right-of-way. Notification: Observations: A portion of the funding, ($500,000) for the Sunwood Drive project was in a grant from MnDOT's Local Road Improvement Program (LRIP). To submit for payment under that program, the roadway must fall within it's permanent right-of-way or easement. The development team the finance manager, and the city engineer would like to submit and receive the grant payment under that program prior to the spring plat recording currently scheduled. To record the plat, the HRA would ordinarily need to make payment to the City for all related development fees. Since the initial closing will not occur until spring, the development team requests the City Council approve the deferral of the development fees until such time as the initial closing occurs on one of the three HRA parcels. Recommendation: The development team recommends the City Council approve the deferral of the development fees related to the plat of COR TWO until the first closing on one of the three HRA lots - Lots 3-5, COR TWO. Funding Source: N/A Council Action: Approve the deferral of development fees related to the plat of COR TWO until the first closing on one of the three HRA lots - Lots 3-5, COR TWO. Attachments