HomeMy WebLinkAboutA010 - Council Action Summary dated December 11, 2012 COUNCIL ACTION SUMMARY
Meeting Date:December 11, 2012
Agenda Item #: 29
SUBJECT: South Fork Subdivision Memorandum of Agreement
ACTION TAKEN: Directed the Acting City Attorney to make appropriate modifications to the
Memorandum of Agreement so that
a. Construction of the improvements at Lincoln Way and Franklin Avenue shall be done and
completed at such time as it is determined the overall intersection has fallen below the Institute
of Traffic Engineers Level of Service "C" or a final plat is sought for any portion of 3908
Marigold Drive.
b. Pinnacle Properties is responsible for 31% and Terra Firma, L.P. is responsible for 69% of the
developer's share (50%) of the actual cost of construction improvements at Lincoln Way and
Franklin Avenue.
c. Pinnacle Properties will be responsible for providing a letter of credit to the City in the amount
of$175,100, which should be adjusted periodically,to secure 31%of half the estimated cost of
the intersection improvements at Lincoln Way and Franklin Avenue.
d. Pinnacle Properties is responsible for the provisions of said agreement that are necessitated by
or pertain to the further development of 500 Dotson Drive.
e. Terra Firma L.P.will be responsible to pay 69%of half the cost of the intersection improvements
at Lincoln Way and Franklin Avenue. The security for this responsibility will continue to be in
the current form of mortgage on the land in Outlot R, which previously had a net value of
$280,000.
MOTION BY: Goodman
SECOND BY: Davis
VOTING AYE: Davis, Goodman, Larson, Orazem, Szopinski, Wacha
VOTING NAY: None
ABSENT: None
By: -- z /��-
Jill Ripperger, Deputy City Nerk
copy to: Judy Parks
Bob Kindred