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Request for Action <br />To Item Number <br />Ma Tor and CinT Council 4.5 <br />Agenda Section Meeting Date Prepared by <br />Consent January 16, 2024 Zack Carlton, Communit�r Development Director <br />Item Description Reviewed by <br />Development Agreement Lennar's Bradford Cal Pormer, Cit�r Administrator <br />Park Reviewed by <br />Action Requested <br />Approve, byT motion, the Development Agreement for Bradford Park. <br />Background/Discussion <br />The Cit�T Council approved the final plat of the first phase of Bradford Park on November 6, 2023. The plat <br />includes 82 single-family lots and is the first phase of a multi-addition subdivision. <br />The conditions for the approval of the resolution for the Final Plat include a requirement that a Development <br />Agreement be signed and recoYded. Staff have drafted the Development AgYeement outlining 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 />The agreement also outlines the park dedication requirements included in the preliminaryT plat approvaL This first <br />addition will not include land dedication for park uses, but the agreement recognizes that an area within the plat <br />will be dedicated for park purposes `vith a future addition. <br />The developeY and the cityr attorneyr have reviewed the document and Yecommend approval. <br />Financial Impact <br />None <br />Mission/Policy/Goal <br />OpportunityT to live, work, and p1ayT <br />Responsibl�r grow <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 />