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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 and <br /> William IC Goodrich, City Attorney <br /> <br />Background: <br /> <br />The Council considered this case on February 8, 2005. The following was presented to the Council <br />at that time: <br /> <br />This Development/Purchase Agreement dates back to January 1980, in a land <br />exchange agreement between the City and Arthur Raudio and Rick Foster. <br />Negotiations began on this current Development/Purchase Agreement in 1999 when <br />the city was in the process of purchasing right-of-way agreements for the T.H. #47 <br />improvement project that took place in 2001. Negotiations between River's Bend <br />Holdings and the City included providing the release for right of access and trail <br />easements for the property owned by River's Bend Holdings on the west side of <br />T.H. g47. In exchange, River's Bend Holdings would receive property for <br />residential housing on the east side of Xkimo Street and south of 142na Avenue <br />(immediately south of No. 1 Pumping Station) and a waiver of the trail dedication <br />fee. It should be noted that the property already was released from 'park dedication <br />fees n the 1980 agreement. A map showing the parcels described in the <br />Development/Purchase Agreement is included with this case. <br /> <br />The CounCil approved the Purchase Agreement at that time. The Purchase Agreement still has not <br />been executed. Rick Foster is now requesting an additional small amount of land and waiver of the <br />City's trunk storm sewer, sanitary sewer and water fees when he develops the parcel. These fees <br />amount to approximately $50,000.00. The original parcel to be conveyed contained 5.01 acres and <br />the additional land requestedconsists of acres for a total amount of land to be <br />conveyed of acres. <br /> <br />Enclosure: <br /> <br />Development/Purchase Agreement <br />Proposed Sale ordinance <br />Map showing Sale Property <br /> <br />Recommendation: <br /> <br />Staff and the City Attomey have drafted a Development/Purchase Agreement for consideration. <br />Rick Foster, representing River's Bend Holdings is in agreement if the additional land and fee <br />waiver is accepted. Staff would recommend authorization of the Development/Purchase Agreement <br />and allowing the City Attorney to complete the agreement and prepare the property for closing. <br /> <br />-189- <br /> <br /> <br />