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CASE # <br /> <br />CONSIDER AUTHORIZATION OF DEVELOPMENT/PURCHASE AGREEMENT <br />WITH RIVER'S BEND HOLDINGS CO., LLC <br /> By: James E. Norman, City Administrator <br /> and William IC Goodrich, City Attorney <br /> <br />Background: <br /> <br />This Development/Purchase Agreement dates'back to January 1980, in a land exchange <br />agreement between the City and Arthur Raudio and Rick Foster. Negotiations began on this <br />current Development/Purchase Agreement in 1999 when the City was in the process of <br />purchasing right-of-way agreements:for the T.H. #47 improvement project that took place in <br />2001. Negotiations between River's Bend Holdings and the City included providing the release <br />for right of access and :trail easements for the property owned by River's Bend Holdings on the <br />west side of T.H. #47. In exchange, River's Bend Holdings would receive property for <br />residential housing on the east side of Xkimo Street and south of 142nd Avenue (immediately <br />south of No. 1 Pumping Station) and:a waiver of the trail dedication fee. It should be noted that <br />the property already was released from park dedication fees in the 1980 agreement. A map <br />showing the parcels described in the Development/Purchase Agreement is included with this <br /> <br />case. <br /> <br />Staff and the City Attorney have drafted a Development/Purchase Agreement for consideration. <br />Rick Foster, representing River'S Bend Holdings is in agreement with the terms. Staff would <br />recommend authorization of the Development/Purchase Agreement and allowing the City <br />Attorney to complete the agreement and prepare the property for closing. <br /> <br />Council Action: <br /> <br />Motion to approve the Development/Purchase Agreement with River's Bend Holdings, LLC. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />City Attorney <br /> <br />CC: 02/08/05 <br /> <br /> <br />