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MINUTES OF THE <br />ORONO CITY COUNCIL MEETING <br />Monday, November 26, 2007 <br />7:00 o’clock p.m. <br />___________________________________________________________________________________ <br /> <br />PAGE 17 of 32 <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 – REVIEW OF DEVELOPERS AGREEMENT AND <br />STATUS UPDATE <br /> <br />Larry Palm with LGL Real Estate and Mitch Cook with Central Bank were present. <br /> <br />Gaffron stated the application that is before the Council tonight concerns a review of the developer’s <br />agreement and status update. <br /> <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 /> <br />The applicants have also requested a variety of changes to the development agreement, which includes <br />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 /> <br />In Item 13 of the developer’s agreement, the developers would like to be reimbursed for the <br />construction of the trail, which Staff has no disagreement with. <br /> <br />In Item 18, with two separate agreements, Ace Properties would like an open-ended start and <br />completion dates and they would not start construction until they have building lease commitments. <br /> <br />In Item No. 19, the developers would like to see a 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 /> <br />In Item 2, the developers would like a clearer description or listing of what improvements are to be <br />privately maintained and which are to be maintained by the City. <br /> <br />In addition, the developers would like the fees and escrow to be paid at the time the building permit is <br />issued, which Staff opposes. The basis for Staff’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 />Item #02 - CC Agenda - 12/10/07 <br />Approval of Council Minutes 11/26/07 [Page 17 of 32]