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CC Regular Session <br />Meeting Date: 05/23/2023 <br />Submitted For: Todd Larson, Community Development <br />By: Brian McCann, Community Development <br />Information <br />Title <br />Approve Revised Development Agreements for Riverstone South Second and Third Additions <br />5.5. <br />Purpose/Background: <br />Riverstone Development LLC (the "Developer"), has requested revisions to the Development Agreements for <br />Riverstone South Second and Third Additions to correct typographical errors and build -in their ability to request <br />reductions to their Letter of Credit. <br />On December 13, 2022, the City Council adopted Resolution #22-249 approving the Development Agreement for <br />Riverstone South Second Addition. On May 9, 2023, the City Council adopted Resolution #23-068 approving the <br />Final Plat and Development Agreement for Riverstone South Third Addition. Both of the Development <br />Agreements included technical errors with repeated private improvements that were not in the Development <br />Agreement for Riverstone South First Addition and do not include provisions for the Developer to ask for <br />reductions to their Letter of Credit as various improvements are completed. <br />Notification: <br />Notification is not required to amend a Development Agreement. <br />Observations/Alternatives: <br />The suggested revisions to the Development Agreement do not alter the Final Plat approval plans, and will simply <br />resolve a few technical errors. Copies of the revised and original Development Agreements are attached to this <br />case. <br />Funding Source: <br />All costs associated with processing the application are the responsibility of the Applicant. <br />Recommendation: <br />Staff recommend the City Council adopt Resolution #23-108 approving revised Development Agreements for <br />Riverstone South Second and Third Additions. <br />Action: <br />Motion to adopt Resolution #23-108 approving revised Development Agreements for Riverstone South Second <br />and Third Additions. <br />Attachments <br />Original Third Addition DA <br />Original Second Addition DA <br />Revised Second Addition D A <br />Revised Third Addition D A <br />ACTION - Resolution #23-108 <br />