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i)epartm t Approval: <br />� <br />REQUEST FOR COUNCIL ACTION <br />l�Ianag�r Reviewed: <br />� l�► ,, <br />DATE: 4129/02 <br />ITEM NO.: VIII. D. <br />Agenda Section: <br />Consent <br />Item Description: Approve Development Contract For Owasso Ridge (PF #3357) <br />Background: On March 4, 2002, the City Council approved the Owasso Ridge Final Plat, Final Development <br />Plan (PUD) and Draft Planned Unit Development Agreement. This is a seven lot, single-family residential <br />planned unit development on the 2.25acre parcel at 495 IOria Lane. As a part of this plat, Stoney River <br />Development will be constructing public improvements, including sanitary sewer, water, storm sewer, and street. <br />The developer has hired Plowe Engineering to design the improvements. The City will work with their Engineer <br />during construction to ensure the improvements are installed according to the approved plans. These <br />improvements, once constructed, will be turned over to the City. <br />Policy objectives: In order to facilitate this transition and ensure that the improvements are built to City <br />standards, we have drafted a Development Contract that lays out all the responsibilities involved with this <br />project. Upon completion of the project, the developer's engineer must provide the City with As-built plans. <br />They must also provide to the City Engineer a letter certifying that the improvements were constructed <br />according to approved plans and specifications, and request that the City accept the improvements. Once the <br />City Council accepts the improvements, the two-year warranty period starts. <br />Financial implications: All costs associated with construction of this development will be borne by the <br />Developer. Appropriate surety in the form of a Letter of Credit will be provided for all public <br />improvements in the amount of 125% of the construction cost or $59,150. This Letter of Credit will be <br />released and replaced by a two-year warranty bond, once the construction of the improvements has been <br />completed and accepted by the City. <br />RECOI�II�IENDED COUNCIL ACTION: <br />Approval of a resolution for the Owasso Ridge Development Contract. <br />Prepared by: Debra Bloom <br />