Village Board approves Hay Day developer agreement requiring public improvements and 120% security
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Summary
The Cottage Grove Village Board on March 18 approved a development agreement with C.R. Cottage Grove Land LLC (Hay Day) that requires installation of streets, sewer, water, a multiuse path and a 120% letter of credit or bond to secure public improvements.
The Village Board of Trustees of Cottage Grove on March 18 approved a development agreement with C.R. Cottage Grove Land LLC for the Hay Day multifamily project, requiring the developer to install public improvements and provide financial security equal to 120% of the improvement cost.
The agreement, presented at the village hall and on Zoom, requires installation of a street extension, sewer, water and completion of a multiuse path within the development. The village presented the requirement that the developer provide either a letter of credit or a bond for 120% of the estimated public-improvement costs to allow the village to complete the work if the developer does not.
Village staff described the agreement as a standard public-improvement/developer agreement similar to prior multifamily projects and said the developer has already received the village's zoning approvals. One contingency noted in the presentation is that the developer must file a petition to vacate a portion of Fundamental Way before certain work proceeds.
Board members moved and seconded approval during the meeting; the motion was carried by voice vote. The meeting record does not include a roll-call tally for the approval.
Votes at a glance
- Motion to approve minutes of the March 3 village board meeting — approved by voice vote; tally not specified in the transcript. - Motion to approve the development agreement with C.R. Cottage Grove Land LLC (Hay Day) as presented — approved by voice vote; tally not specified in the transcript.
Context: The agreement places responsibility for constructing and securing public infrastructure with the developer rather than providing a financial incentive from the village. The 120% security requirement is intended to protect the village if contract work is not completed.