| ITEM #: 9. DATE: 03/28/2022 AI #:765 |
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CITY COUNCIL ACTION REPORT
| SUBJECT: | DEVELOPMENT AGREEMENT FOR ESTRELLA PARCEL 9.29 |
| STAFF PRESENTER(S): | Stephen Scinto, Deputy City Engineer |
SUMMARY
Development Agreement for Estrella Parcel 9.29 providing for building permit holds to be used to ensure completion of internal infrastructure within Estrella Parcel 9.29.
Recommendation
ADOPT RESOLUTION NO. 2022-2220 APPROVING DEVELOPMENT AGREEMENT FOR ESTRELLA PARCEL 9.29; PROVIDING AUTHORIZATION AND DIRECTION TO TAKE ACTIONS AND EXECUTE DOCUMENTS NECESSARY TO CARRY OUT THE INTENT OF THE RESOLUTION AND DEVELOPMENT AGREEMENT AND PROVIDING FOR AN EFFECTIVE DATE. (Stephen Scinto, Deputy Director of Development Engineering)
FISCAL IMPACT
There is no fiscal impact associated with Resolution No. 2022-2220.
BACKGROUND AND PREVIOUS ACTIONS
This request is related to the development of approximately 10.32 acres of land commonly known as Estrella Parcel 9.29. A final plat for Parcel 9.29 is being presented by separate action.
STAFF ANALYSIS
Property owners developing within the city are required to construct public infrastructure improvements within, along or adjacent to, the boundaries of their properties and when required, to provide service to their properties outside the boundaries of their properties. To ensure the completion of these improvements, the city’s current development regulations require that a subdivision bond be provided equal to 100% of the estimated cost to construct the public infrastructure improvements that are to be constructed. Staff has identified an alternative to the traditional subdivision bond that affords the city the protection needed to insure the completion of public infrastructure.
With respect to Internal Infrastructure, which includes all public infrastructure improvements that are to be constructed within the boundaries of the platted property, the city will use building permit holds to secure the completion of the internal infrastructure. If the developer or owner want to begin pulling building permits before the completion of the required Internal Infrastructure, a subdivision bond in an amount sufficient to cover the estimated costs of completing the internal infrastructure can be provided, and building permits will be issued. With respect to external infrastructure, which includes the infrastructure improvements that are to be constructed along or adjacent to the external boundaries of the property and the public infrastructure that is to be constructed off the property, the more traditional forms of financial assurances will still be required.
Staff supports the proposed Development Agreement for Estrella Parcel 9.29. The terms related to financial assurance will encourage development while providing adequate assurances that required public infrastructure will be completed.
With respect to Internal Infrastructure, which includes all public infrastructure improvements that are to be constructed within the boundaries of the platted property, the city will use building permit holds to secure the completion of the internal infrastructure. If the developer or owner want to begin pulling building permits before the completion of the required Internal Infrastructure, a subdivision bond in an amount sufficient to cover the estimated costs of completing the internal infrastructure can be provided, and building permits will be issued. With respect to external infrastructure, which includes the infrastructure improvements that are to be constructed along or adjacent to the external boundaries of the property and the public infrastructure that is to be constructed off the property, the more traditional forms of financial assurances will still be required.
Staff supports the proposed Development Agreement for Estrella Parcel 9.29. The terms related to financial assurance will encourage development while providing adequate assurances that required public infrastructure will be completed.