Approve Development Agreement for Regency Commons (Project #108); Case of National Self Storage

The City Council approved a Minor Plat and Site Plan related to Regency Commons in February of this year.  At that time, the necessary details to prepare a Development Agreement were not available.  Since that approval, the Developer has submitted an Engineer's Estimate of the Required Improvements (excluding the building), which is needed to calculate the sureties and inspection fees for the project. 

The project itself consolidated three (3) parcels into two (2) parcels and included a Site Plan for the construction of a self-storage facility on the newly created northern lot.  The southern lot would be marketed for potential commercial uses outlined in the B-1 General Business District.  The attached Development Agreement addresses the improvements related to the development of Lot 1 Block 1 Regency Commons.

Notification is not required for consideration of a Development Agreement.

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

Staff recommends approving the Development Agreement subject to review and approval as to legal form by the City Attorney and incorporating the revision date of the final plans.

Motion to adopt Resolution #17-06-145 approving the Development Agreement for Regency Commons.