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Item 3.2 Meadows of Otsego Approving an Amended and Restarted Development Contract Request for City Council Action DEPARTMENT INFORMATION ORIGINATING DEPARTMENT REQUESTOR: MEETING DATE: Planning City Planner Licht 22 July 2024 PRESENTER(s) REVIEWED BY: ITEM #: Consent City Administrator/Finance Director Flaherty City Engineer Wagner City Attorney Kendall 3.8 – Meadows of Otsego STRATEGIC VISION MEETS: THE CITY OF OTSEGO: X Is a strong organization that is committed to leading the community through innovative communication. X Has proactively expanded infrastructure to responsibly provide core services. X Is committed to delivery of quality emergency service responsive to community needs and expectations in a cost-effective manner. X Is a social community with diverse housing, service options, and employment opportunities. Is a distinctive, connected community known for its beauty and natural surroundings. AGENDA ITEM DETAILS RECOMMENDATION: City staff recommends the City Council approve an amended and restated Development Contract and Planned Unit Development Agreement. ARE YOU SEEKING APPROVAL OF A CONTRACT? IS A PUBLIC HEARING REQUIRED? Yes No BACKGROUND/JUSTIFICATION: The final plat of the Meadows of Otsego was approved by the City Council on 23 August 2021. The developer, Citywide Development, Inc. executed a Development Contract and Planned Unit Development Agreement related to the plat and public and private improvements therein. Citywide Development, Inc. initiated site grading and utility work within the plat, specifically construction of utilities within the plat. Citywide is proposing to transfer ownership of the plan to Lennar (U.S. Home, LLC) as both the developer and builder within the plat. The change in ownership and transfer of the responsibilities of the developer under the terms of the Development Contract and Planned Unit Development Agreement necessitates that the Development Contract be amended and restated to reflect the changed circumstances and work completed to date. The City Attorney has drafted an Amended and Restated Development Contract and Planned Unit Development Agreement to affect the assignment of the developer responsibilities from Citywide Development, Inc. to Lennar (U.S. Home). SUPPORTING DOCUMENTS ATTACHED: • Amended and Restated Development Contract and Planned Unit Development Agreement • Resolution 2024-51 POSSIBLE MOTION PLEASE WORD MOTION AS YOU WOULD LIKE IT TO APPEAR IN THE MINUTES: Motion to adopt Resolution 2024-51 approving an Amended and Restated Development Contract and Planned Unit Development Agreement for Meadows of Otsego. BUDGET INFORMATION FUNDING: BUDGETED: Fund 701 – Development Escrow N/A