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Council approves Cascade annexation agreement for large mixed-use project adjacent to Verona
Summary
Council approved an annexation and development agreement requiring the developer to install public infrastructure and secure performance with a letter of credit; the project includes nearly 500 multifamily units and substantial commercial space.
The Verona Common Council voted to approve an annexation and development agreement for a large mixed-use project along County Highway M, to be constructed by the developer identified in the meeting packet.
City staff said the development is proposed on land adjacent to West Madison Bible Church and will require extensive public improvements. The agreement requires the developer to construct and pay for public sanitary sewer, storm sewer, water, streets, sidewalks, stormwater management, utilities and street trees; construct a public path from Avalon Ridge Cul-de-sac to County Highway PD suitable for public and emergency vehicles; and build traffic-signal and geometric improvements at Morningside Boulevard and County Highway M. The developer will also provide an irrevocable letter of credit to secure performance under the agreement.
Staff summarized financial responsibilities in the packet: the developer will pay 27.8% of certain soft and construction costs for traffic-signal work and will pay project costs for those signals in full, with the $575,548 figure in the agreement reduced by the developer's share of traffic-signal costs. The agreement also requires payment of MMSD fees, city water and sanitary connection fees, land dedication and reservation fees.
"All improvements shall be completed within 18 months of the execution of the agreement," staff said when describing the timeline. Councilors moved to approve the development agreement; the motion was seconded and carried per the meeting record. The transcript does not contain a roll-call tally.
Council discussion reiterated that the agreement places the cost burden for public-review and engineering fees on the developer, and that the city will require standard security guarantees. The agreement also obligates the developer to provide traffic-signal funding and to post a letter of credit to secure performance and completion of public improvements.
Staff said the annexation and development documentation will proceed through city review and that the developer must secure permits and supply required security before public improvements are accepted for dedication to the city.
