Discussion and Possible Action Regarding Greenland Subdivision Development [Wagner]
BACKGROUND:
The Greenland Subdivision Development (formerly Cardinal Meadows) is seeking to move forward with a grading and fill agreement prior to starting their development. The development needs a large amount of fill which the owners have been able to secure ahead of the full development approval. As such, they would like to stockpile the fill on the site until such time that they start on the construction of the development.
The agreement needs the Developer to post a guarantee in the form of a cash deposit or letter of credit. We recommend this value be established in the amount of $100,000.00 in a form as approved by the City Attorney.
FINANCIAL IMPACT:
The work is guaranteed by the Developer so there are no costs to the City at this time.
RECOMMENDED MOTION:
Common Council approve the grading agreement and the value of the guarantee at $100,000.00 contingent on City Engineer and City Attorney approvals.