To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: Tara Vargish, P.E., Director of Development Services
Brad Boland, AICP, Long Range Project Manager
Title
Resolution Approving the Memmen Young Amended and Restated Development Agreement
Body
________________________________________________________________________________
Executive Summary
Macor LLC and Highline C.M., INC (the “Parties”) are requesting to enter into a Development Agreement (DA) with the Town for property known as the Memmen Young Planned Development, that is located south of Fifth Street, west of Ridge Road, north of Plum Creek Parkway (Figure 1) (Attachment A).
The property is currently under consideration for an amendment to 175.5 acres of the Memmen Young PD and an annexation of 5 acres known as the Memmen Parcel. The 5 acre Memmen Parcel will be incorporated into the amended Memmen Young PD for a total project area of 180.5 acres. If the Annexation and the Amended Planned Development Plan and Zoning Regulations are approved, the Parties must amend and restate the existing Development Agreement with the Town to define the obligations of the Parties and the Town relative to the new development plan of the property and to comply with today’s standards.
A DA is a legally binding contract between the property owners or parties and the Town that requires public hearings before Town Council, who shall review and make a decision upon the proposed DA.
Budget Impact
The Memmen Young Amended and Restated Development Agreement formalizes the Parties’ financial obligations to adequately address impacts of the development on Town infrastructure and services.
Staff Recommendation
Staff recommends approval of the Memmen Young Amended and Restated Development Agreement, as proposed.
Proposed Motions
Option 1: Approval
“I move to approve this Development Agreement Resolution, as presented.”
Option 2: Approval with Conditions
“I move to approve Development Agreement Resolution, with the following conditions:” (list conditions)
Option 3: Continue item to next hearing (need more information to make decision)
“I move to continue this item to the Town Council meeting on [date], 2023, at [time].”
Attachments
Attachment A: Vicinity Map
Attachment B: Resolution