Agenda - Council - 05/28/2024 - Laserfiche WebLink

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5. 15. CC Regular Session Meeting Date: 05/28/2024 Primary Strategic Plan Initiative: Promote economic growth and development. Information Title Adopt Resolution#24-145,Approving an Amended Development Agreement for Lightbridge Academy Purpose/Background: On February 9, 2024, the City Council approved the Preliminary and Final Plat for Lightbridge Academy, located at 14275 St. Francis Blvd.NW. Since that date, the Applicant has supplied engineering cost estimates to Staff as part of drafting the Development Agreement for Lightbridge Academy. The Development Agreement was standard in its form for City Council's review at the April 9th meeting,when the original Development Agreement was approved. However, since that date, Staff and the applicant discovered that park dedication fees for the subject property were satisfied through a previous land dedication in a Development Agreement in 1980. Thus, Staff needed to revise the Development Agreement to eliminate the park dedication fee before the project could continue. The requested action is to approve the Amended Development Agreement for the approved plat. This is the last step in Council actions before Lightbridge Academy can be issued building permits to construct the building. Notification: Public notification is not required. Observations/Alternatives: Alternatives to Consider: 1. Approve the Development Agreement as presented. 2. Approve the Development Agreement with modifications that City Council requests. 3. Deny the Development Agreement based on specific findings. Funding Source: All costs associated with this request are the Applicant's responsibility. Recommendation: Staff recommends approval of the Amended Development Agreement. Action: Motion to adopt Resolution#24-145, Approving the Amended Development Agreement for Lightbridge Academy. Attachments Resolution#24-145 Revised Development Agreement Form Review