SUBJECT:
Title
A Resolution of the Town Council of the Town of Erie Approving the Consent to Assignment of Development Agreement from Stratus Stonegate, LLC to KB Home Colorado, Inc.
Body
DEPARTMENT: Planning and Development
PRESENTER: Christopher C. LaRue, Principal Planner
POLICY ISSUES:
The Town Council will consider whether it is appropriate to transfer the Development Agreement (DA) responsibilities for the Lafferty at Canyon Creek Subdivision from Stratus Stonegate, LLC to KB Home Colorado, Inc. KB Home is an established builder and is prepared to meet all DA requirements.
TIME ESTIMATE: 0
FISCAL SUMMARY:
N/A
STAFF RECOMMENDATION:
Recommendation
Approve the Consent to Assignment of the Development Agreement.
End
BACKGROUND OF SUBJECT MATTER:
The Town Council approved the Lafferty Final Plat and Development Agreement (DA) on November 14, 2023. The subdivision lies southwest of Lombardi Street and the RTD railroad tracks.
Normally, developers assign development agreements to builders shortly after final plat approval. However, the original developer, Stratus Stonegate, LLC, never completed this assignment, and the Town never received a final version for review and approval. Stratus Stonegate later sold the property to KB Home Colorado, Inc., which is now actively developing the site.
The DA for the Lafferty Final Plat outlines the Town's standard requirements for site development and includes exhibits describing phasing and cost estimates for public improvements. These improvements include streets, sidewalks, right-of-way landscaping and irrigation, utilities, and certain private features of public value. Town staff and the Town Attorney negotiated the DA with the original property owner.
The attached Resolution assigns all rights, obligations, covenants, and requirements under the DA for the Lafferty at Canyon Creek Subdivision to KB Home Colorado, Inc.
Special Note:
In the past several months, during construction of the Lafferty devel...
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