BY COUNCILOR STOVER:
RESOLVED, that the proper city officers are hereby authorized to enter into an assessment agreement, substantially in the form of that on file in the office of the city clerk as Public Document No. __________, with Summit Management, LLC, authorizing the assessment of benefitted properties in and adjacent to the Campus Park II development for the cost of street and utility improvements related thereto, all payments made thereunder to be made to the permanent improvement revolving fund.
STATEMENT OF PURPOSE: The purpose of this resolution is to authorize execution of an agreement with Summit Management, LLC, to allow the city to assess certain portions of the Campus Park II development and benefitted property lying immediately adjacent thereto for the costs of constructing streets and utilities which will largely serve the development and the lots.
The Campus Park II development proposed to include approximately 200 units of housing suitable for housing students attending local educational institutions which is to be constructed south and west of Rice Lake Road and south of Blackman Avenue. Coincidently, the city was exploring a modification or reconfiguration of Blackman Avenue along with Hickory Road and Chinook Drive. With the confluence of these objectives, the city has agreed to modify its design to accommodate Campus Park II and the developer has agreed to fund through assessments those portions of the project which would ordinarily be funded by assessment or which were otherwise underfunded.
This agreement commits the developer to accept the assessments for the project over and above the resources the city had planned for this portion of its street and utility project.