PUBLIC HEARING: Introduce Ordinance #21-05 Vacating Easement and Resolution #21-017 Approving Development Agreement for Riverstone 5th Addition

The purpose of this case is to approve a Development Agreement related to Riverstone 5th Addition, and to vacate a drainage and utility easement adopted with Riverstone 4th Addition that will be replaced by permanent easements on Riverstone 5th Addition's final plat. Both of these items are standard items that take place after approval of the Final Plat. The City Council approved the Final Plat for Riverstone 5th Addition on November 10, 2020 with the contingency for Capstone Homes (the "Developer") to enter into a Development Agreement with the City.

Notice of Public Hearing was published in the City's official newspaper, the Anoka County UnionHerald.

Development Agreement
Riverstone 5th Addition was approved with a contingency for the Developer to enter into a Development Agreement with the City. This is a standard contingency and this Development Agreement utilizes the City's standard template agreement, which has been approved by the City Attorney. There is a unique contingency in the attached resolution to verify the accounting related to the park dedication credit, which was approved with the original Riverstone Addition. Each Addition of Riverstone has credit related to the park and/or trail dedication. Staff is working on verifying the final credit amount and will recommend a different system moving forward.

Easement Vacation
The proposed easement vacation is related to a 60 foot drainage and utility easement that was adopted with Riverstone 4th Addition in order to bring utilities to the adjacent property to the west, which is now being developed as Preserve at Northfork. The Developer has requested that this easement is vacated as standard easements will be platted on the final plat sheet for Riverstone 5th Addition that are duplicative of this easement. This is a standard process to help clean up title work on the property.

The Applicant is responsible for all costs associated with the request.

Staff recommends adoption of Ordinance #21-05 and Resolution #21-017.

Motion to introduce Ordinance #21-05 vacating a 60 foot drainage and utility easement related to Riverstone Addition.

Motion to adopt Resolution #21-017 approving the Development Agreement for Riverstone 5th Addition.