SUBJECT: CONSENT AGENDA
Title
A Resolution of the Board of Trustees of the Town of Erie Approving an Agreement with CalAtlantic Group, Inc. to Accept Payment in the Amount of $770,000 for Settlement of Required Contribution of Construction Costs for the Compass Neighborhood Park
Body
DEPARTMENT: Parks and Recreation
PRESENTER: Patrick Hammer, Director of Parks and Recreation
TIME ESTIMATE:
only required for non-consent items
STAFF RECOMMENDATION:
Staff recommends the Board enter into a cost sharing agreement with CalAtlantic Group, Inc. for the future neighborhood park located in the Compass neighborhood.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The 2020 Compass Filing No.4 Development Agreement between the Town and CalAtlantic states, "The Town will design and construct a neighborhood park on Tract D in Compass Filing No.1. Developer shall share in the costs of such design and construction, with the acknowledgement that the Developer has already dedicated land and paid park impact fees that may be credited towards Developer's share of the costs." Town staff have been working with representatives from CalAtlantic Group to finalize a Neighborhood Park Cost Sharing Agreement for the Compass development located near the intersection of County Line Road and Arapaho Road.
With payment of $770,000 stipulated in this Neighborhood Park Cost Sharing Agreement, the previous land dedication of 10.44 acres and impact fees already paid to the Town's Park Improvement Fund, CalAtlantic's obligation under Section 10.6.3 of the Unified Development Code (UDC) will be satisfied. (Section 10.6.3 of the UDC - Parks, Open Space and Trails, outlines the obligation developers have to provide land and funding to build neighborhood parks in concert with residential growth.)
Once approved, these funds will be collected and earmarked for specific use of the Town's Neighborhood Park in the Compass development. While the timeline to build the neighborhood park is unkn...
Click here for full text