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<br /> <br />This phase will also begin to develop the park infrastructure approved as part of the project. The park <br />dedication for this addition includes 19.66 acres, consisting of multiple outlots that will be deeded to the city <br />for future park uses. Additionally, the regional trail component of this project requires cost participation from <br />the city in the amount of $65,366.68. The regional trail runs along the north side of the central pond, and the <br />cost sharing was included as part of the preliminary plat approval. The developer will also pay $79,061.58 as a <br />cash dedication. The responsibilities of the developer and the city are outlined in the development agreement. <br /> <br />Development Agreement <br />The conditions for the approval of the plat include a requirement that a Development Agreement be signed <br />and recorded. Staff drafted the attached Development Agreement outlining the costs, responsibilities, and <br />required security in the form of a Letter of Credit. The agreement also outlines the park dedication <br />requirements as noted above. The developer has had an opportunity to review the agreement, and staff have <br />incorporated recommended changes. <br /> <br />Financial Impact <br />The cost participation for the trail will be deducted from the city's park dedication fund. <br /> <br />Mission/Policy/Goal <br />Support the growth and development of the community <br />Opportunity to live, work, and play <br /> <br />Attachments <br />1. Location Map <br />2. Final Plat of Bradford Park Second Addition dated June 4 2025 <br />3. Second Addition Park Dedication <br />4. Final Plat Resolution <br />5. Development Agreement <br /> <br /> <br />Page 51 of 299