06-29-15-R - Laserfiche WebLink

Home Browse Search

City of Arden Hills City Council Meeting for June 29, 2015 P:\Planning\Planning Cases\2014\PC 14-031 - PUD Amendment - Presbyterian Homes\Memos_14-031 Page 2 of 2 escrows in the amount of 25 percent of the cost of site improvements and 25 percent of the cost of landscaping for financial surety purposes. The City Council directed staff to reduce the escrow requirement for the landscaping improvements to $15,000, as requested by the developer. This change is reflected in the final draft of the Development Agreement. Staff was also directed to work with Presbyterian Homes on a reduction to the site improvements escrow while still covering the expected costs associated with construction observation. The City Attorney has recommended language that would require an initial deposit of $20,000 for the site improvements escrow with the requirement that if the balance drops below $5,000 the account be replenished to $20,000. The City is able to withhold the final Certificate of Occupancy if the account were not replenished as required. Under the conditions approved by the City Council the developer must provide a Letter of Credit in the amount of 125 percent of the expected cost of site improvements. The purpose of the Letter of Credit is to provide the City with a financial surety that could be drawn on to complete the public improvements and stabilize the site if the developer were to default. Failure to complete site improvements would be a default of the TIF Agreement and would cause the City to withhold TIF payments until improvements were completed. Because the Letter of Credit and TIF Agreement serve similar purposes of providing security to the City, staff and the City Attorney recommend that the site improvements Letter of Credit be reduced to $200,000. Development Plan Revisions Presbyterian Homes has revised the landscape plan based on the condition approved by the City Council requiring additional tree plantings on the site. Four Spruce trees, three Crabapple trees, and one Oak tree have been added at the southwest corner of the development for a total of 19.3 additional caliper inches. The updated landscape plan is included in Attachment B. Since the approval of the development plans in October 2014, Presbyterian Homes has made a minor revision to the first level entrances in the Brownstone Buildings. Originally, the entrances to the apartment units had been designed to have patio sliding doors. The revised plans show the entrances have been redesigned to now include a swinging door and railing (Attachment C). Attachments A. Presbyterian Homes of Arden Hills – First Amendment to Master Planned Unit Development Agreement and Phase II Development Contract B. Revised Phase II Landscape Plan C. Revised Exterior Elevation Drawings