Adopt Resolution #17-10-260 Approving Development Agreement for COR Stone Brook Academy, Case of MK Johnson Properties, LLC

The purpose of this case is to consider a Development Agreement related to the Stone Brook Academy project.

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 MK Johnson Properties, LLC earlier this summer. 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.

Staff recommends approval of the Development Agreement.

↵Motion to adopt Resolution #17-10-260 approving the Development Agreement related to COR Stone Brook Academy.