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Page 3 of 3 <br /> <br /> <br />Trident Development is requesting a change to this provision. The main motivation behind this <br />request is insurability. They have proposed two options. <br /> <br />1. Option 1 includes a one-time, upfront payment of $100,000 to the City. In exchange, the the <br />inspection, maintenance, and repair of public trails and exercise equipment located on city- <br />owned land would be the City’s responsibility. The developer would continue to maintain <br />stormwater pond and fire lane (see Attachment B). This is the developer’s preferred option. <br />2. Option 2 would modify the agreement to shift the inspection, repair, and maintenance <br />responsibilities for the public trails and exercise equipment located on city-owned land, back <br />to the city. The developer would provide an annual payment to the City of up to $5,000 to <br />cover the costs of this maintenance (see Attachment C). <br /> <br />It should be noted all other conditions of approval for this development will remain in effect. <br /> <br />Discussion <br /> <br />Staff is looking for Council direction on the following items. <br />1. Is the Council willing to make a change to the approved Stormwater and Recreation <br />Equipment Operation and Maintenance Agreement? Yes/No <br />2. If Council supports the change, which option is preferred? Option 1/Option 2 <br />Next Steps <br /> <br />1. The City Attorney has reviewed the changes to the overall Development Agreement <br />(Attachment A). Regardless of the Council’s decision on the Stormwater and Recreation <br />Equipment Agreement, the revised Development Agreement must be approved by the <br />Council. We plan to bring this to the April 26, 2021 regular City Council meeting. <br />2. If the Council is agreeable to changes to the Stormwater and Recreation Equipment <br />agreement, it should provide staff direction on the preferred option. The City Attorney has <br />briefly reviewed both these drafts. Once the Council provides specific direction, he will <br />review that draft and provide comments to the developer. We intend to bring this final draft <br />to the City Council on April 26, 2021, with the full Development Agreement. <br /> <br />Budget Impact <br /> <br />N/A <br /> <br />Attachments <br /> <br />A. Amended Development and PUD Agreement <br />B. Option 1 Agreement <br />C. Option 2 Agreement <br />