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<br /> <br /> <br /> <br />Background/Discussion <br />The applicant, Capstone Homes, is seeking approval for their first phase of Oakwater Ridge. This phase will <br />consist of 89 single-family lots, ranging in size from 50 feet to 100 feet wide, and will establish the primary <br />entrance into the subdivision off Highway 10. This intersection is still under development in partnership <br />between the City of Elk River and the developer and is expected to be constructed in late 2026. <br /> <br />This first addition also includes the two-acre city park on the top of the bluff and ties into the association- <br />maintained park along the river. The existing billboards will be removed by the time construction begins. The <br />city has issued the permits for the billboards planned to move from the south side of Highway 10 to the north <br />side. That work is expected to be completed before the end of the year. <br /> <br />Staff and the developer are working to finalize the language for a development agreement that outlines the <br />responsibilities and costs for this project. There are a few remaining items for discussion, specifically the <br />issuance of Certificates of Occupancy and Building Permits. This may come back for City Council discussion at <br />a later date. <br /> <br />Financial Impact <br />None <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. Grading and Development Plans dated September 5, 2025 <br />3. Oakwater Ridge Final Plat <br />4. Final Plat Resolution <br /> <br /> <br />Page 101 of 322