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Request for Action <br />To <br />Item Number <br />Mayor and Ci T Council <br />4.9 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />Consent <br />February 1, 2021 <br />Zack Carlton, Planning Manager <br />Item Description <br />Reviewed by <br />Development Agreement: Elk Ridge Estates <br />Cal Portner, City Administrator <br />Reviewed by <br />Action Requested <br />1. Approve, by motion, the development agreement for Elk Ridge Estates. <br />2. Approve, by motion, the public improvement surety agreement for Elk Ridge Estates <br />Background/Discussion <br />The conditions imposed by the City Council for the approval of the resolution for the Final Plat of Elk Ridge <br />Estates (P 20-20) include a requirement that a Development Agreement be signed. Staff drafted a Development <br />Agreement outlining the costs, responsibilities, and required security in the form of a Letter of Credit and escrow <br />deposits and are seeking Council approval. <br />The City Council had approved a previous version of a Development Agreement for this project on December 21, <br />2020, but the developer has since requested a modification to the Letter of Credit requirement. The agreement <br />now includes the option for a Public Improvement Surety Agreement, reviewed by the city attorney, to replace the <br />letter of credit on file with the city. <br />Financial Impact <br />None <br />Mission/Policy/Goal <br />Approval of the agreement facilitates residential growth within the city. <br />Attachments <br />Development Agreement <br />Public Improvement Surety Agreement <br />Final Plat <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires pi ospei ly. <br />M <br />TUREJ <br />Updated.• August 2020 <br />