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Council approves Saddle Crossing Phase 4 development agreement and final plat contingent on deed and execution
Summary
Council approved the development agreement and contingent final plat for Saddle Crossing Subdivision Phase 4, requiring the developer to execute the agreement and deed 0.1 acres of open space to the city; staff recorded bond terms including an initial improvement bond of $147,000 with 10% retainage.
The Preston City Council voted to approve the development agreement for Saddle Crossing Subdivision Phase 4 and to approve the final plat contingent on the developer executing the development agreement and conveying a 0.1-acre open-space parcel to the city.
City attorney Lyle and staff member Sean summarized the changes in a corrected draft provided to the council before the meeting. Lyle recited the recommended bond requirements: "the bond amounts were supplied by the engineers, so it'd be 147,000 as the initial bond amount for the improvements with the 10% retainage being 10% of that 14,700." Staff told the council the 0.1-acre open-space parcel associated with Phase 4 is distinct from the phase's 1.4 acres and should be deeded to the city and recorded.
Council members discussed whether the 0.1-acre parcel would be a useful city-owned parcel or merely a small, undeveloped strip (one council member described it as "awful small"). The council agreed approval should be contingent on execution of documents and that the city would not sign the final plat until the development agreement and deed were complete. Motions to approve the development agreement and then the final plat (contingent on execution) passed unanimously.
