Request for Amended Development Contract and Release from Previous Development Agreement (THE PONDS); Case of First Phoenix Group

City Staff has received information from the First Phoenix Group that they intend to complete the purchase of the land at the northwest intersection of Saint Francis Boulevard (TH 47) and Nowthen Boulevard (CSAH 5) in mid-August. As part of closing on the land and financing package, the First Phoenix Group has requested the following:

1. Review timing of payment of development fees
2. Approve release of Development Agreement on Outlot A, THE PONDS

Pament of Development Fees

The Applicant has requested that Development Fees (Sanitary Sewer Trunk, Water Trunk, Park Dedication, Trail Development, and Stormwater Management) be paid at time of execution of the Development Permit for Site Plan approval and not at time of recording of the Plat. The City has allowed this arrangement in the past, most notably when the exact number of high-density residential units on a single parcel is not yet known at the time of Plat, and then determined at time of Site Plan Approval. For example, the Terrace Hill Apartment Complex is part of THE PONDS subdivision, approved in 2002. Development Fees were not collected on the parcel until the Site Plan was approved in 2007. The approved Development Contract would need to be amended to reflect the timing of payment.

Approve release of Development Agreement for THE PONDS from Oulot A, THE PONDS

The Applicant has also requested a Release from Development Agreement for THE PONDS. Outlot A, THE PONDS is a small parcel on the Subject Property. The Subject Property is currently vacant and was a remnant parcel from THE PONDS subdivision, and separated by Nowthen Boulevard from the rest of THE PONDS. To ensure proper recording of the required easements for the project, it appears warranted to grant the release of Development Agreement for this parcel, as it will not have a negative impact to the City. All required improvements for the project will still be completed.

Staff recommends approval of the request.

All costs associated with reviewing the Application are the responsibility of the Applicant.

Motion to approve the amendment to the Development Contract and Development Permit related to timing of payment of development fees -AND- to grant release from the Development Agreement for THE PONDS on Outlot A, THE PONDS.