Adopt Resolution #18-105 Approving a Development Agreement for Rum River Prairie (Project #17-149)

On May 12, 2018 the City Council acted on the development agreement for Rum River Prairie. Standard policy for the City is to require a letter of credit in the amount of 125% of the engineers estimate for associated stage 1 and stage 2 improvements. Following Council action on the development agreement it was identified that the engineers estimate provided by the Applicant already included a 125% increase in cost. As a result the dollar amounts used by Staff that were included in the previously acted on development agreement were incorrect and have now been updated. The City's engineer has reviewed this information and is in agreement with the provided engineers estimate.

On April 24, 2018 the City Council approved the Final Plat for Rum River Prairie, a twenty five (25) lot single family residential development.  Since the final plat approval the Applicant has provided Staff with construction estimates for the project's public improvements which has been reviewed and found to be acceptable by the City Engineer.  The Development Agreement has been constructed using the itemized Applicant's engineer estimate and is ready for approval, pending City Attorney review and approval as to legal form.

Notification is not required for consideration of a Development Agreement.

All costs associated with this request are the responsibility of the Applicant.

Staff recommends approving the Development Agreement subject to review and approval as to legal form by the City Attorney and incorporating the revision date of the final plans.

Motion to adopt Resolution #18-105 approving the Development Agreement for Rum River Prairie.