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DEVELOPMENT AGREEMENT FOR ROSEWOOD GOLF VILLAS
RECOMMENDATION:
ADOPT RESOLUTION NO. 14-1684 APPROVING FORM OF DEVELOPMENT AGREEMENT FOR ROSEWOOD GOLF VILLAS; AUTHORIZING MODIFICATIONS; AUTHORIZING THE EXECUTION OF THE DEVELOPMENT AGREEMENT; PROVIDING A DEADLINE; PROVIDING AUTHORIZATION AND DIRECTION TO TAKE ACTIONS AND EXECUTE DOCUMENTS NECESSARY TO CARRY OUT INTENT OF THE RESOLUTION AND DEVELOPMENT AGREEMENT; AND PROVIDING FOR AN EFFECTIVE DATE.
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PURPOSE:
Council is being asked to approve the form of a development agreement that will ensure the provision of adequate assurances for the construction and acceptance of required public infrastructure. In lieu of utilizing a subdivision bond to assure the completion of the public infrastructure, the City will withhold Certificates of Occupancies, except for model homes, until the Internal Public Infrastructure has been completed. The terms of the proposed Development Agreement provides adequate assurances that the Internal Public Infrastructure will be completed as the failure to do so will impair the ability of the Property owner to sell homes within the Property. (David Ramirez, City Engineer)