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CC Regular Session 5. 9. <br />Meeting Date: 03/08/2022 <br />By: Brian Hagen, Community Development <br />Information <br />Title <br />Adopt Resolution #22-062 Approving Reimbursement of Riverstone South Development Fees <br />Purpose/Background: <br />The City Council approved a Development Agreement for Riverstone South on January 25, 2022. The <br />Development Agreement has been executed, but the Developer noted a discrepancy in the fee calculation compared <br />to past executed Development Agreements. Staff reviewed the fees and concur that the formula used is different <br />than what has been used in the past. Staff supports a reduction in the Letter of Credit Surety to an amount of <br />$4,199,127 and a reimbursement of $33,847 in cash from the Engineering Inspection Escrow. <br />Recommendation: <br />Staff recommends to adopt Resolution #22-062 Approving Reimbursement of Riverstone South Development Fees. <br />Action: <br />Motion to adopt Resolution #22-062 Approving Reimbursement of Riverstone South Development Fees. <br />Attachments <br />ACTION Resolution #22-062 <br />Development Agreement For Riverstone South <br />Form Review <br />lnbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 03/03/2022 02:33 PM <br />Fonn Started By: Brian Hagen Started On: 03/02/2022 03:49 PM <br />Final Approval Date: 03/03/2022 <br />