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REQUEST FOR ACTION <br />To Item Number <br />Ci Council 3.8. <br />Agenda Section Meeting Date Prepared by <br />Consent December 15, 2008 erem Barnhart, Plannin Mana er <br />Item Description Reviewed by <br />Approve Amendment to Twin Lakes Estates Development <br />Agreement Reviewed by <br />Action Requested <br />Approve amendment to Development Agreement for Twin Lakes Estates 2nd addition as proposed. <br />Background/Discussion <br />The Twin Lakes Estates 2nd addition development agreement was made in June, 2005. Included in that <br />agreement was the provision of security for completion of the improvements of $1,200,000. Over the <br />years, as improvements have been made, the City reduced the letter of credit (LOC) to $300,000, which is <br />the lowest amount allowed per the agreement until the complete project is completed and accepted. <br />Over the last several months, the developers have worked to complete the project. Much of the project <br />has been completed. Remaining items include a portion of the following: second lift of asphalt, utility <br />services, sidewalks and some lot grading. The amount of work remaining has been estimated at $150,000. <br />Typically, the City would reduce the letter of credit to amount necessary to guarantee the work; however, <br />is prohibited from doing so due to the Development Agreement. <br />The LOC expires at the end of the year. The City can either draw on the LOC, or negotiate for a new <br />one. If the city were to draw on it, it would be responsible for completing the work. Because it is <br />generally in a City's best interest to have the development community complete its work, City staff, <br />including the City Engineer, City Attorney, City Finance Director and City Administrator have reviewed <br />the options and the following amendment to the development agreement is suggested: <br />Section 5.) (02) (ii): the security will not be released below One Hundred <br />Fifty Thousand and no/100 dollars ($150,000) until all improvements pursuant to <br />this agreement have been completed in full and all other obligations of developer <br />under this agreement have been fulfilled, including developers obligation to provide <br />buildable lots, install required landscaping improvements and to fulfill the <br />requirements of the wetland mitigation, if applicable. <br />All other details in the agreement remain in effect. <br />Financial Impact <br />None <br />S:\PLANNING MAIN\Case Files\Plat\P OS-07 Twin Lakes Est 2nd\Twin Lakes Estates DA amendment 12-08.doc <br />