Adopt Resolution #21-204 Approving Updated Development Agreement for Bunker Lake Industrial Park Third Addition, Case of PSD, LLC

The purpose of this case is to review and approve the development agreement for Bunker Lake Industrial Park 3rd Addition on behalf of PSD, LLC (the "Applicant"). This is a standard step in the development process, and the attached draft development agreement is the City's standard agreement. The Subject Property is located in the Bunker Lake Industrial Park, west of the existing buildings, on Lot 1, Block 1, Bunker Lake Industrial Park Third Addition (the "Subject Property").

The City has previously approved the site plan and grading agreement for this property. This is the final step in allowing the building to move forward. The project appears to meet all City Code requirements.

The City Council previously approved a development agreement with a fee for Bunker Lake Boulevard reconstruction included in the fee spreadsheet (last page of development agreement). In conversations with the Applicant and City Attorney, Staff has removed said fee in exchange for item "L" under the "Miscellaneous" section of the agreement. The fee will now be addressed via a future assessment agreement, which the Applicant is agreeing not to contest.

No notification is required for this step.

Staff recommends approval of the development agreement.

Motion to adopt Resolution #21-204.