Adopt Resolution #15-09-241 Approving Development Agreement for COR Parkview Addition and Development Permit for Parkview East, Case of PSD, LLC

The purpose of this case is to approve the required Development Agreement for Site Plan and Plat Approval for a project known as Parkview East.

Notification is not required to approve the Development Agreement.

The Final Plat for a plat to be known as COR Parkview Addition was approved by the City Council on April 28, 2015. Said approval required the construction of portions of Sapphire Street and 145th Avenue in The COR. City Code Section 117-615 requires that the Developer of the public improvements (PSD, LLC) enter into a "Development Agreement" with the City. This Agreement ensures that the required Stage I and Stage II Improvements (public improvements) are properly installed per the City Council's approval and requires certain financial guarantees to ensure performance.

The Final Site Plan for Parkview East, a 121 unit apartment building, was approved by the City Council on June 9, 2015. City Code Section 117-54 requires that the Developer of Parkview East (Parkview East, LLC) enter into a Development Permit with the City. This Permit ensures that those private improvements required by City Code Chapter 117 (Zoning) are properly installed per the City Council's approval and requires certain financial guarantees to ensure performance. These private improvements include site improvements including, but not limited to, grading, storm water management, asphalt surfaces, concrete curb and gutter, etc.

PSD, LLC is electing to construct the required Stage I and Stage II Improvements in order to make the site a buildable pad site. Parkview East, LLC is electing to construct the private site improvements for the proposed apartment itself. As such, two (2) separate agreements have been prepared for clarity and consistency.

All costs associated with processing the Development Agreements are the responsibility of the Applicant. PSD, LLC and Parkview East, LLC collectively are responsible for constructing all required improvements. For transparency purposes, Staff does note that PSD, LLC has submitted a request for a housing subsidy on a reimbursement basis. This request does not materially change to content or structure of these Agreements. Once the project has commenced, the Developer will need to perform on the project, which is backed by the required financial guarantees. The financial guarantees cover required site improvements, not the building itself. PSD, LLC is aware of the obligations if the project commences, regardless of the outcome of the request for a housing subsidy.

Staff recommends that the City Council approve the attached Development Agreements.

Motion to approve the attached Development Agreements for COR Parkview Addition and Parkview East.