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CC Regular Session <br />Meeting Date: 06/12/2018 <br />Submitted For: Tim Gladhill, Community Development <br />By: Eric Maass, Community Development <br />4. 10. <br />Information <br />Title <br />Adopt Resolution #18-105 Approving a Development Agreement for Rum River Prairie (Project #17-149) <br />Purpose/Background: <br />On May 12, 2018 the City Council acted on the development agreement for Rum River Prairie. Standard policy for <br />the City is to require a letter of credit in the amount of 125% of the engineers estimate for associated stage 1 and <br />stage 2 improvements. Following Council action on the development agreement it was identified that the engineers <br />estimate provided by the Applicant already included a 125% increase in cost. As a result the dollar amounts used by <br />Staff that were included in the previously acted on development agreement were incorrect and have now been <br />updated. The City's engineer has reviewed this information and is in agreement with the provided engineers estimate. <br />On April24, 2018 the City Council approved the Final Plat for Rum River Prairie, a twenty five (25) lot single <br />family residential development. Since the final plat approval the Applicant has provided Staff with construction <br />estimates for the project's public improvements which has been reviewed and found to be acceptable by the City <br />Engineer. The Development Agreement has been constructed using the itemized Applicant's engineer estimate and <br />is ready for approval, pending City Attorney review and approval as to legal form. <br />Notification: <br />Notification is not required for consideration of a Development Agreement. <br />Funding Source: <br />All costs associated with this request are the responsibility of the Applicant. <br />Recommendation: <br />Staff recommends approving the Development Agreement subject to review and approval as to legal form by the <br />City Attorney and incorporating the revision date of the final plans. <br />Action: <br />Motion to adopt Resolution #18-105 approving the Development Agreement for Rum River Prairie. <br />Site Location Map <br />Development Agreement Rum River Prairie <br />Resolution #18-105 <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 06/07/2018 11:34 AM <br />JoAnn Shaw JoAnn Shaw 06/07/2018 02:59 PM <br />Form Started By: Eric Maass Started On: 05/31/2018 11:51 AM <br />