Agenda - Council - 06/11/2024 - Laserfiche WebLink

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5. 12. CC Regular Session Meeting Date: 06/ 11 /2024 Primary Strategic Plan Initiative: Promote economic growth and development. Information Title Adopt Resolution #24-146 Approving a Final Plat and Development Agreement for "Waterfront Village." Purpose/Background: Please Note: this item was removed from the May 28 Consent Agenda at the request of the applicant and is ready to move forward. On February 13, 2024, the City Council approved the Preliminary Plat and Site Plan for Waterfront Village, located between Bunker Lake Boulevard and Ramsey Parkway, west of Zeolite Street. Since that date, the Applicant has supplied engineering cost estimates to Staff as part of drafting the Development Agreement for Waterfront Village. It should be noted that Centra North LLC, the Applicant for this project, is purchasing the Subject Property from the City. The Development Agreement is generally standard in its form, and aligns with the Purchase Agreement written by Staff. The Applicant has also submitted plans for the Final Plat of Waterfront Village, which includes 26 lots in the first phase, right-of-way dedication for Ramsey Parkway (currently under construction), and one lot for the future Norhart development south of Ramsey Parkway. The additional lots will be platted in future phases. The proposed plat is consistent with the Preliminary Plat that the City Council approved on February 13, 2024. The requested action is to approve the Development Agreement and Final Plat for Waterfront Village. This is the last step in Council actions before Centra Homes can begin constructing the required improvements which are needed to apply for building permits to construct the first 26 detached townhomes. Notification: Public notification is not required. Observations/Alternatives: Alternatives to Consider: 1. Approve the Development Agreement and Final Plat as presented. 2. Approve the Development Agreement and Final Plat with modifications that City Council requests. 3. Deny the Development Agreement and Final Plat based on specific findings. Funding Source: All costs associated with this request are the Applicant's responsibility. Recommendation: Staff recommends approval of the Development Agreement and Final Plat. Action: Motion to adopt Resolution #24-146, Approving the Development Agreement and Final Plat for Waterfront Village.