12-10-2007 Council Minutes - Laserfiche WebLink

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MINUTES OF THE ORONO CITY COUNCIL MEETING Monday, December 10, 2007 7:00 o'clock p.m. ( #07 -3334 Kevin and Denise Reilly, Continued) along High Lane have agreed to form a private association to maintain High Lane, which has been done informally for decades. The care of the road has been done cooperatively in the past but will be formalized by the formation of an association. Reilly requested the City approve the subdivision. Murphy moved, McMillan seconded, to direct Staff to draft an approval resolution for Application #07 -3334, Kevin and Denise Reilly, 2405 High Lane. VOTE: Ayes 5, Nays 0. 12. #07 -3336 MARC ASHTON WITH JOHN TERRANCE HOMES, LLC, ON BEHALF OF MITCH COOK OF CENTRAL BANK AND LARRY PALM OF LGL REAL ESTATE INVESTMENTS, STONEBAY OUTLOT A Mitch Cook with Central Bank and Larry Palm with LGL Real Estate were present. Curtis noted this application was tabled at the November 26`" Council meeting pending resolution of a number of items; namely the timing for the payment of fees, the letters of credit, and a staging plan detailing the necessary improvements for the entire site. Staff is recommending approval of the development agreements, the resolution, and ordinances. The 60 -day review period expires on December 300'. As there is no other opportunity for the Council to • act prior to the 60 -day expiration, the Council will need to take an action tonight. If Council chooses to accept the staging plans, the extended start for Lot 1 would be May 1, 2010. Cook stated their purchase agreement expires December 31, 2007, which is subject to coming up with a buyer for the second half of the property. Central Bank has never intended to purchase the entire site. Ace Properties at the present time is not prepared to purchase the property. Cook stated Central Bank would like to proceed forward with the application and that they are considering their options for Lot 1. Cook indicated it is a possibility Central Bank would purchase the entire site. White commented that appears to be a good solution. Mattick stated the downside to this arrangement is if the second lot is developed differently from what is approved tonight, it would need to be reopened and a new approval by the Council. Mattick noted the approval by the Council tonight is approving the plans as they are being presented and that any future revisions would require an amendment to the applicants' approval. Cook stated they do understand that and that the staging plan should not change. They do intend on proceeding with the proposed work after the property is purchased. Mattick stated as it relates to the fees set forth in the development agreement, it requires storm water and drainage trunk fees of $27,090; park dedication fees of $50,870; sewer and water connection charges of $58,066; and it contemplates a construction escrow of $30,000, for an approximate total of $135,000 in fees and $30,000 in escrow. In addition, a letter of credit in the amount of $926,842.13 would also need to be on file with the City. • PAGE 10