To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: Tara Vargish, P.E., Director, Development Services
Brad Boland, AICP, Long Range Project Manager
Title
Resolution Approving the Alexander Way Development Agreement [77.76 acres located east of the Silver Heights subdivision in unincorporated Douglas County, north of Alexander Place, and west of Diamond Ridge Estates]
Body
________________________________________________________________________________
Executive Summary
455 Alexander, LLC, and Tierra Investors, LLC (applicants) are requesting to enter into a Development Agreement (DA) with the Town for property known as the Alexander Way Planned Development (PD), which is located east of the Silver Heights subdivision in unincorporated Douglas County, north of Alexander Place, and west of the Diamond Ridge Estates neighborhood (Attachment A).
The property is currently under consideration for annexation of 73.76 acres. In addition to the property being considered to be annexed, a 4.2 acre parcel is to be incorporated into the proposed Alexander Way PD for a total project area of 77.76. If the Annexation and the Alexander Way Planned Development Plan and Zoning Regulations are approved, the developer enter into Development Agreement with the Town to define the obligations of the developer and the Town relative to the development plan.
A DA is a legally binding contract between the property developers and the Town that requires public hearings before Town Council, who shall review and make a decision upon the proposed DA.
Budget Impact
The Alexander Way Development Agreement formalizes the developer’s financial obligations to adequately address impacts of the development on Town infrastructure and services.
Staff Recommendation
Staff recommends approval of the Alexander Way 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
Attachment C: Development Agreement
DA Exhibit 1A: Legal Description
DA Exhibit 1B: Legal Description
DA Exhibit 1C: Legal Description
DA Exhibit 2: Groundwater Rights Map
DA Exhibit 3: Special Warranty Deed
DA Exhibit 4A: Title Opinion - Alexander Way Groundwater Rights
DA Exhibit 4B: Title Opinion - Diamond Ridge Groundwater Rights