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CC Regular Session 5.7. <br />Meeting Date: 05/09/2023 <br />By: Brian McCann, Community Development <br />Information <br />Title <br />Adopt Resolution #23-068 Approving Final Plat and Development Agreement for Riverstone South Third <br />Addition <br />Purpose/Background: <br />The purpose of this case is to consider approval for the Final Plat and Development Agreement of Riverstone <br />South Third Addition by Capstone Homes (the "Applicant") on the property generally south of Highway 10 and <br />east of Bowers Drive (the "Subject Property"). The City Council approved the preliminary plat for the overall <br />project in April 2021 contingent upon the developer finalizing the final plat, a Cost Share Agreement, Park <br />Dedication, Tree Preservation, and final approval of plans, subject to current Staff Review comments, and <br />approval by the City Engineer. This nine -lot Final Plat approves construction documents and the Final Plat Sheet <br />for recording and legal subdivision. The next step after Final Plat is a development agreement, which outlines <br />fees and responsibilities for each party throughout construction. <br />The attached development agreement is the City's standard template, with revisions similar to the first and second <br />additions of Riverstone South. The development agreement lays out fees, project costs, and financial sureties that <br />the City will take in order to ensure that the project is completed to City standards. The draft development <br />agreement has been reviewed by the City Engineer, City Attorney, and the Applicant. <br />Notification: <br />Notification is not required for approval of a final plat or development agreement. <br />Observations/Alternatives: <br />The Final Plat for Riverstone South Third Addition is consistent with the approved Riverstone South Preliminary <br />Plat. <br />Funding Source: <br />The Applicant is responsible for all costs associated with the request. <br />Recommendation: <br />Recommend adopting Resolution #23-068 approving Final Plat and Development Agreement for Riverstone <br />South Third Addition <br />Action: <br />Motion to adopt Resolution #23-068 Approving Final Plat and Development Agreement for Riverstone South <br />Third Addition <br />Attachments <br />Site Location Map <br />Final Plat - Riverstone South 3rd Addition <br />Riverstone South 3rd Addition - Development Agreement <br />