Adopt Resolution #17-11-288 Releasing previously approved allocation agreement between the City and D.R. Horton, Inc as well as releasing an allocation agreement and a secondary development contract between the City and K. Hovnanian T&C Homes at Minnesota L.L.C, for property to be developed as Greenway Terrace.

The purpose of this case is to release the identified agreements currently identified on the title work for the subject property which AEON will be constructing its project, Greenway Terrace. A new development agreement has been approved by the City Council and will be recorded against the property to provide backing for the required public improvements including the second lift of asphalt along Traprock and 146th in addition to sidewalks.

No notification is required for this action.

The City is selling the subject property and the buyer (AEON) wishes to have the subject documents released by the City to clear the title work.  The obligations owed to the City pursuant to the agreements identified have been fulfilled, no longer needed, or will be covered within the development agreement between the City and Aeon for the purposes of the Greenway Terrace development project. 

Alternatives:

Alternative 1: Adopt Resolution #17-11-288 Releasing previously approved allocation agreement between the City and D.R. Horton, Inc as well as releasing an allocation agreement and a secondary development contract between the City and K. Hovnanian T&C Homes at Minnesota L.L.C, for property to be developed as Greenway Terrace.  Staff supports this alternative.

Alternative 2: Do not adopt Resolution #17-11-288 that would release the identified agreements.  Staff does not support this alternative.

The Applicant is responsible for all costs associated with this request.

Staff recommends adoption of Resolution #17-11-288.

Motion to adopt Resolution #17-11-288 Approving the Release of an allocation agreement between the City and D.R. Horton, Inc as well as release an allocation agreement and secondary development contract between the City and K. Hovnanian T&C Homes at Minnesota L.L.C, for property to be developed as Greenway Terrace.