REVISED: Adopt Resolution #17-10-256 Approving Development Agreements for Bunker Lake Industrial Park, Case of PSD, LLC

The purpose of this case is to consider three (3) Development Agreements related to the Bunker Lake Industrial Park.
 

1. Public Roadways, Utilities, and Infrastructure
2. 8252 147th Ln NW - Speculative Industrial Building
3. 8710 147th Ln NW - Adrenaline Sports Center

Note: this case was revised after original publication. The request has been revised to release two (2) previous agreements (Development Agreement, Assessment Agreement) from the original/underlying plat (Alpha Development). Obligations pertaining to these previous agreements have been satisfied as it relates to the current property under review for Bunker Lake Industrial Park. All required improvements required by the previous Development Agreement have been satisfied. Any new required improvements related to the proposed Bunker Lake Industrial Park are memorialized in the attached, new Development Agreement. Assessments for the parcels involving the Bunker Lake Industrial Park have been satisfied, therefore the Assessment Agreement can be released from this Property.

Notification is not required for this case. Notification has previously been provided for this project as required by State Statute and City Policies.

The City approved a private development project proposed by PSD, LLC on September 12, 2017. A standard contingency of plan approval is to enter into a Development Agreement with the City obligating the Developer to construct the improvements required by City Code and reflected in the approved plan set. The City's standard Development Agreement also requires the Developer to establish a Financial Surety to ensure the timely construction of required improvements as well as an Inspection Fee to cover the costs of the City to inspect the required improvements.

Preparation of this case and associated Development Agreements are the responsibility of the Applicant. City costs in preparation are charged against an escrow placed by the Applicant.

The Applicant is responsible for constructing the improvements spelled out in the Plan Set and the Development Agreement.

Previously, the Applicant was awarded certain business assistance from the City. Please refer to City Council cases dated July 11, 2017 and July 25, 2017 for specifics on this financial assistance.

Staff recommends approval of the Development Agreements.

Motion to adopt Resolution #17-10-256 approving the following Development Agreements related to the Bunker Lake Industrial Park.
 

1. Public Infrastructure Agreement with PSD, LLC
2. Development Agreement with BLIP I, LLC for 8710 147th Ln NW (Adrenaline Sports Center)
3. Development Agreement with BLIP II, LLC for 8252 147th Ln NW (Industrial Building)