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Request for Action <br />To <br />Item Number <br />Mayor and Ci T Council <br />4.8 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />Consent <br />May 17, 2021 <br />Chris Leeseberg, Senior Planner <br />Item Description <br />Reviewed by <br />Development Agreement: Tranquil Meadows <br />Zack Carlton, Planning Manager <br />Reviewed by <br />Cal Portner, City Administrator <br />Action Requested <br />Approve, by motion, the development agreement for Tranquil Meadows. <br />Background/Discussion <br />The conditions imposed by the City Council for the approval of the resolution for the Final Plat of Tranquil <br />Meadows (P 21-03) 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 agreement provides the developer with an opportunity to receive building permits prior to the completion of <br />the utility work beneath the new round -a -bout at Twin Lakes Road and Tyler Street. The agreement is clear that <br />while building permits can be issued, certificates of occupancy transferring ownership to a future buyer will not be <br />issued until all public improvements have been completed and accepted by the city. <br />The developer had an opportunity to review the agreement and does not have any concerns. <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 />■ 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 l_ y. <br />M <br />TUREJ <br />Updated.• August 2020 <br />