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Consider/Discuss/Act on a Development Agreement with CPF Enterprises, Inc., for the Parcel 1017-1018 Addition, Being Fewer than 4 Acres, Located Approximately 120 Feet East of Stonebridge Drive and on the South Side of Eldorado Parkway
Summary
MEETING DATE: May 20, 2014
DEPARTMENT: Development Services
CONTACT: Barry Shelton, Interim Assistant City Manager
RECOMMENDED CITY COUNCIL ACTION:
* Staff recommends approval of the development agreement.
ITEM SUMMARY:
* The City entered into a development agreement with the previous owner of the subject property in 2008 to allow the recording of the record plat of the Parcel 1017-1018 Addition prior to the completion and acceptance of the public improvements required to serve the subdivision.
* The previous owner posted a letter of credit in the amount of $160,953.42 in favor of the City as assurance that the required public improvements would be constructed.
* The previous owner defaulted on the 2008 facilities agreement with the City and the City collected the proceeds of the letter of credit.
* The current owner of the property intends to complete the required public improvements at this time and has requested to use the collected default proceeds to offset the costs of construction.
* The developer will pay, at his sole cost and expense, any and all amounts in excess of the default proceeds that may be required for the completion and acceptance of the required improvements.
BACKGROUND INFORMATION:
* The associated public improvements include water, sanitary sewer and storm sewer lines needed to serve the four lots of the Parcel 1017-1018 Addition.
FINANCIAL SUMMARY:
* Since the construction costs exceed the default proceeds from the previous development agreement, the current owner will place additional funds in escrow with the city as assurance that the project is constructed. These funds will be returned to the owner upon completion and acceptance of the public impr...
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