Adopt Resolution #22-008 Approving Development Agreement for Riverstone South; Case of Capstone Homes/Riverstone Development, LLC

The purpose of this case is to review a Development Agreement for Riverstone South. The attached development agreement is the City's standard template, unchanged from the template. The development agreement lays out fees, project costs, and financial sureties that the City will take in order to ensure that the project is completed to City standards. The Draft Development Agreement has been sent to the City Attorney and approved.

Attached is the draft Stormwater Maintenance Agreement referenced in the Development Agreement and supporting resolution. The City Attorney is reviewing this agreement, as is the developer. Staff does not anticipate any significant revisions to this agreement.  

No notification required for development agreement.

The Applicant is responsible for all costs associated with project review. Please note that this project does include a cost share agreement with the City and adjacent property owner for the Riverdale Drive extension/project. Based on the approved cost share agreement, the developer of Riverstone South does not need to contribute directly to any of the costs to extend Riverdale Drive.  However, the adjacent property owner is responsible for contributing to the Riverdale Drive extensino costs through special assessment agreements, which will be presented for Council approval in Febnuary.   

Riverstone South (final plat for the first addition) was approved with a contingency for the Developer to enter into a Development Agreement with the City. This is a standard contingency and this Development Agreement utilizes the City's standard template agreement, which has been approved by the City Attorney.

Motion to adopt Resolution #22-008 Approving Development Agreement for Riverstone South