Adopt Resolution #14-02-037 Approving Revised Development Agreement for Brookfield 4th Addition

On December 10, 2013, the City Council adopted #13-12-231 granting Final Plat Approval to Capstone Homes, Inc. for Brookfield 4th Addition. Capstone Homes has since incorporated a separate Limited Liability Corporation, Brookfield Land, LLC, to be the land owner for the Development. Additionally, Brookfield Land has secured updated Engineer's Estimates and project bids. Based on the revised bids, the Developer has requested that the required Financial Surety be revised to reflect the updated project numbers. The request has been reviewed by the City's Engineering Staff, who recommends approval of the revised amount.

In order for these two (2) items to be included in the approved Development Agreement, the City Council needs to approve an amendment to their previous approval prior to the City and Developer executing the Development Agreement. The requests do not change the layout or planned construction as originally approved, just provisions of the Development Agreement.

Notification is not required to amend the Development Agreement.

The lots to be created in Brookfield were contemplated in the original Preliminary Plat circa 2005. The City Council approved a new Preliminary Plat consisting of seventy-seven (77) lots on October 22, 2013, and the Developer applied for a Final Plat, consisting of thirty-two (32) of the seventy-seven (77) lots, which was approved on December 10, 2013. The details of the City Council cases on October 22, 2013 and December 10, 2013 are incorporated to this case as reference and available upon request.

The Subject Property appears to be up to date on all Property Taxes and City Utility Accounts.

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

Staff recommends that the City Council adopt Resolution #14-02-037 approving a revised Development Agreement for Brookfield 4th Addition.

Motion to adopt Resolution #14-02-037 approving a revised Development Agreement for Brookfield 4th Addition.