Agenda - Council - 08/25/1992 - Laserfiche WebLink

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I I I I I I I I I I I I i I I I CASE DEVEI~OPMENT AGREEMENT WITH FAYE CONSTRUCTION AND RIVENWICK CORPORATION By: Ryan Schroeder, City Administrator Background:i As Council is ~awa~.e, Staff has been working on a development agreement with the owner and developers of the spbdivision formally known as Faye 2nd Addition. At the last Council meeting there was di~usswn as to what the City's legal obligations are pursuant to construction of Municipal Stit¢ ~id streets. Enclosed for your review is the opinion by the City Attorney regarding thins ~ssu~. It is the conclusion of the City Attorney that the City has no legal obligation to provide fiin~n~ for construction of MSA streets in new developments. However, it has been the City's prae~ie¢.'-,for some period of time to provide varying levels of subsidy to residential and commercial' Subdi~sions and developments. The level of subsidy varies depending upon the goals that the sUbdlvisiOri, or improvements within the subdivision, meet within this community. Within this dcvel°~ment agreement, which has now been fully negotiated and agreed to by both developers, St~ff:~as determined that the plat does indeed provide a specific improvement to the eommunitY by completing the fron..tage road .which runs from the eastern most terminus of the community i~ithe [Huseby-Foster Regional' Park and provides for an eventual connection to Ramsey BoUl .~ard N.W. This agreement provides that the developer will deed, upon request, the right-of-waYif,~r th~ completion of this frontage road at no cost to the City. It also defines that the developer will,complete the first phase of the frontage road and that the City will credit him 20% of the cost of tt~a~ fro!~.ta..ge road towards future extensions of the frontage road. It also states that the developer Will,prOVide for the extension of utilities across 137th Avenue N.W. to the plat and that the City Will!ar-edit i$58,000 towards the cost of that project on future City-billed developer costs. Finally, it d~t~es that the developer is allowed to provide park dedication at this time for not only the firstP.has~of the Rivenwick subdivision, but also the commercial property and the second phase of the ~ven~vick subdivision as well, if he so chooses. Park dedication will be dedicated to constmctioni~thit~ the plat in addition to the $20,000 that the developer will contribute over and above the p~.rded!~Cation required by our ordinance. This developmnt ~tgreement resolves the issues relative to MSA funding and park dedication that were adclteS~ ati~e last Council meeting. The developer is providing dollars and park dedication over and al~v~ th~tt which they expected. The developer is also providing funding towards the MSA street consttiiction project over and above that which they originally expected but at the same time the City i~ pro~, iding funding towards the street construction project slightly over that which it originally con~mli~lated as well. It follows that City Staff and the developer are equally satisfied with the ~esult~of ttiis development agreement and, therefore, jointly recommend its approval. The agreement isehclo~ed for your review and approval. Council ACtion:! Motion to appWve ~the development agreement between Faye Consu'uction, Rivenwick Corporation and the City of Rashsey. Reviewed bY: City AdminiStrator i Zoning Administrator City Engine~, Finance Officer CC: 08/25/92 /47