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City of <br /> Elk=' Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 4.15 <br /> Agenda Section Meeting Date Prepared by <br /> Consent Aril 21, 2014 Jeremy Barnhart,Deputy Director, CODD <br /> Item Description Reviewed by <br /> Jabez Second Addition Development Agreement Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Approve,by motion,the Development Agreement for the Jabez Second Addition. <br /> Background/Discussion <br /> The conditions imposed by the City Council on the approval of the Final Plat for Jabez Second addition <br /> included a requirement that a development agreement be signed, outlining costs and responsibilities to <br /> the satisfaction of the city attorney. <br /> Staff and the attorney have drafted a development agreement outlining these responsibilities, and are <br /> seeking Council approval. The developer has not signed the document. <br /> The Development Agreement closely follows our standard agreement, and outlines requirements security <br /> in the form of Letter of Credit and escrow deposits. The public street being constructed will be <br /> maintained by the developer until the street connects to 170"'Lane,part of the Natures Edge Business <br /> Center. This was done at the request of the developer so that a cul de sac did not need to be improved, <br /> impacting the development of the buildable parcel. <br /> The Agreement will allow for the construction of the building prior to completion of the street, although <br /> a Certificate of Occupancy may not be issued. <br /> Financial Impact <br /> None <br /> Attachments <br /> ■ Development Agreement <br /> P a w E A E U a r <br /> NaA f RE] <br />