Consider Revisions to Development Contract for Legacy Christian Academy/Alpha Development

On December 14, 2010, the City Council approved the Final Plat for Alpha Development as well as the Site Plan for Legacy Christian Academy.  Per City Code requirements, developers are required to enter into development agreements to ensure the timely completion of all required improvements.  A Development Contract addressing both the Final Plat and Site Plan were approved on December 14th.  The Applicant has requested revisions to the Development Contract.

No notification is required.

The Applicant has requested several amendments to the approved Development Contract, including an alternative financial surety package, consistent with the City's recently amended ordinance related to financial sureties.

Highlights of requested amendments that Staff recommends are consistent with approvals and applicable City Code include the following:

• Including an Assessment Agreement as an Exhibit related to the 429 Assessment Project for required improvements.
• Clarifying responsible party for all Stage I and Stage II required improvements.
• Extending the Completion Date for required improvements.
• Required surety for completion of Applicant's required private improvements shall be in the form of an agreement to withhold the required Certificate of Occupancy until required improvements are completed.
  • Applicant may request a Certificate of Occupancy and submit a Letter of Credit or Cash Escrow for any uncompleted required improvement consistent with applicable levels of surety as required by City Code.
• Applicant agrees to allow City to use required inspection fee (5% of the cost of the required improvements) in the event of incompletion of project to abate nuisance issues.
• Clarify warranty guarantee only applies to landscape improvements at this time and included standard warranty formula for landscape improvements.

The Applicant is requesting additional amendments that are not in this final draft of the Development Contract:

• Including language of "to the best of its knowledge" to statements that the Applicant has received proper approvals from City, County, State, etc., and that the plans are in compliance with applicable rules and regulations.
• Applicant objects to the termination clause that the City can terminate the assessment agreement in the event the amount of the contract for the 429 assessment project exceeds the Engineer's Estimate, obligating the City to additional costs beyond the original agreement.

The remainder of the requested amendments are as to legal form and clarified certain City Code requirements as well as site plan and plat approvals.  Final approval of the Development Contract shall be contingent upon final construction costs as determined by the 429 assessment project bidding process.

City Staff recommends approval of the revised Development Contract, contingent upon opening and awarding of bids for the 429 Assessment Project to ensure City constructed improvements are properly funded.

All costs associated with the request are the responsibility of the Applicant.

Motion to approve the revised Development Contract, contingent upon opening and awarding of bids for the 429 Assessment Project to ensure City constructed improvements are properly funded.