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0 <br />MINUTES OF THE <br />ORONO CITY COUNCIL MEETING <br />Monday, November 26, 2007 <br />7:00 o'clock p.m. <br />8. #07 -3336 MARC ASHTON WITH JOHN TERRANCE HOMES, LLC, ON BEHAF OF <br />MITCH COOK OF CENTRAL BANK AND LARRY PALM OF LGL REAL ESTATE <br />INVESTMENTS, STONEBAY OUTLOT A —I REVIEW OF DEVELOPERS AGREEMENT AND <br />STATUS UPDATE <br />Larry Palm with LGL Real Estate and Mitch <br />Gaffron stated the application that is before the <br />agreement and status update. <br />with Central Bank were present. <br />tonight concerns a review of the developer's <br />Staff met with the developers this afternoon to discuss the remaining issues. The developers have <br />indicated they would like to have two separate development agreements, which would remove John <br />Terrance Homes out of the agreement. <br />The applicants have also requested a variety of changes to the development agreement, which includes <br />is changing the names of the entities. LGL Real Estate Investments LLC would become Ace Properties, <br />LLC, and Central Bank would change to Central Orono, LLC, which Staff has no issue with. <br />In Item 13 of the developer's agreement, the dev <br />construction of the trail, which Staff has no disal <br />In Item 18, with two separate agreements, Ace P <br />completion dates and they would not start constr <br />would like to be reimbursed for the <br />with. <br />es would like an open -ended start and <br />until they have building lease commitments. <br />In Item No. 19, the developers would like to see is clearer definition of substantial completion. Staff <br />would need to confer on that issue but do not feel it will be an insurmountable issue. <br />In Item 2, the developers would like a clearer de cription or listing of what improvements are to be <br />privately maintained and which are to be maintained by the City. <br />In addition, the developers would like the fees aid escrow to be paid at the time the building permit is <br />issued, which Staff opposes. The basis for Staf �s opposition relates to the City's code and the past <br />practice of the City. The bank is willing to provide the entire letter of credit but LGL would like to <br />i <br />PAGE 17 of 32 <br />