SUBJECT: Consent Agenda
Title
A Resolution of the Board of Trustees of the Town of Erie Approving the First Amendment to Development Agreement for the Parkdale Filing No. 1 Subdivision and the First Amendment to Development Agreement for the Parkdale Filing No. 2
Body
DEPARTMENT: Finance
PRESENTER: Stefanie Furman, Acting Finance Director
TIME ESTIMATE:
only required for non-consent items
FISCAL INFORMATION:
Cost as Recommended:
Balance Available:
Budget Line Item Number:
New Appropriation Required:
STAFF RECOMMENDATION:
Approve the Amendments to the Development Agreement for the Parkdale Filing No. 1 Subdivision and the Parkdale Filing No. 2 Subdivision
Recommendation
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
These amendments to the Development Agreements increase the number of letters of credits the Developer may provide to the Town for the Improvement Guarantee. The Developer will be allowed to provide up to three letters of credit for each Phase of the project, with an administrative fee of $1,500 per letter of credit due to the Town for costs associated with processing and tracking multiple Phase Improvement Guarantees.
The Parkdale Filing No. 1 Final Plat is located north of Colorado Highway 7 between 119th Street and County Line Road. The plat consists of 478 lots and 40 tracts over 222.752 acres. 51.025 acres are being dedicated to the Town of Erie for Public Open Space.
Parkdale Filing No. 1 contains an east-west spine trail that connects the existing Coal Creek trail to the Parkdale development, eventually terminating at 119th Street. Multiple Pocket Parks are located within Filing No. 1 as well as a large tract for future oil and gas operations. All residential lots and public ROW are platted outside of all required oil and gas setback areas.
The Development Agreement for the Parkdale Filing No. 1 was approved by the Board on September 8, 2020.
The Parkdale Filing No. 2 Final Plat is located in the southern portion of Erie. ...
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