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CASE 17: <br /> <br />R~UEST TO AMEND DEVfiLOPMENT AGREEMENT FD? ALPACA <br />ES~%TES ~}{IRD ADDITION; CASE OF MR. HAAKA~ JARNES <br /> By: Anne Norris, Cc~unity Development Director <br /> <br />10 min. <br /> <br />Background: <br /> <br />As you recall, Council gave final approval to Alpaca Estates Third <br />Addition on September 24, 1985, contingent upon Mr. Maakan James <br />entering into a development agreement with the City. Mr. James is <br />now requesting that this develol~ent agreement be ~ended to allow for <br />a land escrow rather than a cash escrow for the construction of <br />improvements specified in the develo~ent agreement. ~he cash escrow <br />required is $103,000. Mr. James is proposing to offer the City <br />first mortgage on unplatted property he owns, but not in Alpaca <br />Estates Third Addition. <br /> <br />Enclosure (7) contains the following items for your information: <br /> <br />a) Original development agreement <br />b) Map of Alpaca Estates ~hird Addition <br /> <br />Obse~a~o~: <br /> <br />If the Council approves a land escrow, Staff reo~ that the City <br />obtain first mortgage on three platted river lots within Alpaca <br />Estates ~ird Addition as escrow to guarantee the construction of <br />improvements totaling $103,000. ~ ~e ~00~ <br />Bec~m~e~on: <br /> <br />Council action will be to approve Mr. Haakan Jarnes' request to amend <br />the development agreement with the City allowing Mr. James to provide <br />a~l__and~e_scrow of three river lots/in Alpaca Estates Third Addition <br />rather than a cash escrow ~5~--to authorize the City to enter into the <br />amended development agreement. <br /> <br />Review (~ecklist: <br /> <br /> Attorney _X Chief of Police <br /> Engineer .~. Finance Director <br /> Ac~inistrator X Public Works Dir. <br /> Co~m~unity Development Dir. .~ Other <br /> <br /> <br />