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Request for Action <br />To Item Number <br />Ma Tor and CinT Council 4.6 <br />Agenda Section Meeting Date Prepared by <br />Consent August 21, 2023 Zack Carlton, Communit�r Development Director <br />Item Description Reviewed by <br />Development Agreement The Cove Cal Portner, Citv Administrator <br />Reviewed by <br />Action Requested <br />Approve, by motion, the Development AgYeement foY Majestic Oaks. <br />Background/Discussion <br />The City Council approved the final plat of The Cove on August 7, 2023. The plat includes five ne`v single-famil�T <br />lots on the former bowling alley site, 13161 US Highway 10, across the highway from Orono Park. <br />The conditions included foY the approval of the Yesolution for the Final Plat include a requirement that a <br />Development AgYeement be signed. Staff has drafted the Development Agreement out].iuiug the costs, <br />responsibilities, and required securinT in the form of a Letter of Credit and escro`v deposits and are seeking Council <br />approval. <br />Financial Impact <br />None <br />Mission/Policy/Goal <br />OpportunityT to live, work, and p1ayT <br />ResponsiblyT grow <br />Work `vith citizens to achieve goals <br />Attachments <br />■ Development Agreement <br />The Elk River Vision <br />A 2a�elcolning co�nlnunity 2a�ith T evolutiona� y and spizzted T esou� cefulness, exceptional <br />se�vice, and coln�nunity engagelnent that encou�ages and ins�iz•es pTo�pe�zty. <br />rowEREo ar <br />�I'1 ���� <br />Up�iited.• August 2020 <br />