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CC Regular Session 5. 6. <br />Meeting Date: 01/25/2022 <br />By: Chloe McGuire Brigl, Community <br />Development <br />Information <br />Title <br />Adopt Resolution #22-008 Approving Development Agreement for Riverstone South; Case of Capstone <br />Homes/Riverstone Development, LLC <br />Purpose/Background: <br />The purpose of this case is to review a Development Agreement for Riverstone South. The attached development <br />agreement is the City's standard template, unchanged from the template. The development agreement lays out fees, <br />project costs, and financial sureties that the City will take in order to ensure that the project is completed to City <br />standards. The Draft Development Agreement has been sent to the City Attorney and approved. <br />Attached is the draft Stormwater Maintenance Agreement referenced in the Development Agreement and <br />supporting resolution. The City Attorney is reviewing this agreement, as is the developer. Staff does not anticipate <br />any significant revisions to this agreement. <br />Notification: <br />No notification required for development agreement. <br />Funding Source: <br />The Applicant is responsible for all costs associated with project review. Please note that this project does include a <br />cost share agreement with the City and adjacent property owner for the Riverdale Drive extension/project. Based on <br />the approved cost share agreement, the developer of Riverstone South does not need to contribute directly to any of <br />the costs to extend Riverdale Drive. However, the adjacent property owner is responsible for contributing to the <br />Riverdale Drive extensino costs through special assessment agreements, which will be presented for Council <br />approval in Febnuary. <br />Recommendation: <br />Riverstone South (final plat for the first addition) was approved with a contingency for the Developer to enter into a <br />Development Agreement with the City. This is a standard contingency and this Development Agreement utilizes <br />the City's standard template agreement, which has been approved by the City Attorney. <br />Action: <br />Motion to adopt Resolution #22-008 Approving Development Agreement for Riverstone South <br />Attachments <br />DRAFT Stormwater Maintenance Agreement <br />Final Plat <br />Approved Cost Share Framework <br />ACTION - Development Agreement <br />ACTION - Resolution #22-008 <br />