Approve Revised Development Agreements for Riverstone South Second and Third Additions

Riverstone Development LLC (the "Developer"), has requested revisions to the Development Agreements for Riverstone South Second and Third Additions to correct typographical errors and build-in their ability to request reductions to their Letter of Credit.

On December 13, 2022, the City Council adopted Resolution #22-249 approving the Development Agreement for Riverstone South Second Addition. On May 9, 2023, the City Council adopted Resolution #23-068 approving the Final Plat and Development Agreement for Riverstone South Third Addition. Both of the Development Agreements included technical errors with repeated private improvements that were not in the Development Agreement for Riverstone South First Addition and do not include provisions for the Developer to ask for reductions to their Letter of Credit as various improvements are completed.

Notification is not required to amend a Development Agreement.

The suggested revisions to the Development Agreement do not alter the Final Plat approval plans, and will simply resolve a few technical errors. Copies of the revised and original Development Agreements are attached to this case.

All costs associated with processing the application are the responsibility of the Applicant.

Staff recommend the City Council adopt Resolution #23-108 approving revised Development Agreements for Riverstone South Second and Third Additions.

Motion to adopt Resolution #23-108 approving revised Development Agreements for Riverstone South Second and Third Additions.