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Item 9AITEM 9A Approve a commercial developer’s agreement with Southlake Noble LLC for the Goddard School located at 435 West Southlake Boulevard Project Location Goddard School The Goddard School Item tabled – September 7, 2010 Park Board Minutes – Oct 9, 2006 Stratfort Gradens RDA minutes silent to park credits Developer did not request additional park credits Developer requests use of existing park credits from Shady Oaks development The Goddard School Existing Developer’s Agreement Construction has begun on the Goddard School under an administratively approved Developer’s Agreement which includes the payment of $2,760 in park fees which were paid be Terra Stratfort, L.P., the developer of Stratfort Gardens commercial property The Goddard School Park Credits Southlake Noble LLC, the developer of the Goddard School is requesting permission to utilize previously accumulated park credits by Terra Shady Oaks L.P. for the Shady Oaks, Phase II development, another Terra Land Development project The Goddard School Park Credits Park dedication requirements for the 1.15 acre development is 0.023 acre based on one acre per 50 gross acres or a fee payment of $2,760 based on $2,400 per gross acre. Terra Land, the owner of the property has a park dedication credit balance in the amount of $686,700 from a previous development in 2010, Shady Oaks Past 2. The developer will use $2,760 in park credits for this development. The Goddard School Park Credits The subdivision ordinance states that ‘the City may, at its discretion, apply former dedication which were in excess of the requirement at that time to current or future dedication requirements of the same owner/applicant.’ Terra Stratfort, L.P. was the developer of the Stratfort Gardens commercial property; however, they have since sold the property to Southlake Noble LLC , the developer of Goddard School The Goddard School Park Credits Mr. Paul Spain, of Terra Stratfort, L.P., the original developer of the commercial property, has authorized the use of previously accumulated park credits to cover the park fee requirement for Southlake Noble, LLC and the Goddard School The Goddard School Southlake Noble LLC will construct an approximately 8,100 square foot building for the Goddard School to be located at 435 West Southlake Boulevard The Goddard School The Commercial Developer’s Agreement covers the following public improvements Approximately 316 LF of public water line which the City will reimburse the developer an amount not to exceed $16,000 at final acceptance, as the extension of the water line is an improvement to the system, and not a requirement of the development Approximately 170 LF of public sanitary sewer to serve the adjacent existing veterinary clinic (east of the subject property) as agreed to by the developer of the Stratfort Gardens commercial property RECOMMENDATION Approve a commercial developer’s agreement with Southlake Noble LLC for the Goddard School located at 435 West Southlake Boulevard Questions?