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4. a Contract for Sale and Purchase with an Addendum for <br />additional 41st Street right-of-way to guarantee the <br />Warranty/Maintenance Agreement, approved by the County <br />Attorney's Office and the Public Works Department. <br />Item #4 is the contract for the County's purchase of 41st <br />Street right-of-way from the subdivision developer. <br />ANALYSIS: <br />All required improvements have been constructed by the developer <br />and have been inspected and deemed acceptable by the Public Works <br />Department. A Warranty/Maintenance Agreement and security <br />instrument, acceptable to the County Attorney's Office and'the <br />Public Works Department, has been submitted. <br />The Public Works Department wishes to purchase the additional 40' <br />of right-of-way required for 41st Street to meet the 100' specified <br />by the County Thoroughfare Plan for an urban minor arterial. The <br />source of funding for the purchase will be the District 8 Traffic <br />Impact Fee Fund. The developer has agreed to a purchase price <br />equal to that of the required posted security amount required to <br />guarantee the Warranty/Maintenance Agreement. A Contract for Sale <br />and Purchase for the additional right-of-way has been submitted for <br />this purpose. An Addendum to the Contract arranges for the actual <br />date of purchase to be one (1) year from the date on final plat <br />approval (when the Warranty/Maintenance Agreement will- expire), and <br />that the cost for repairs to any of the required improvements, if <br />necessary, shall be deducted from the purchase price. This will <br />allow the funds for purchase of the right-of-way to serve as the <br />security for the required Warranty/Maintenance Agreement. Both the <br />Public Works Department and the County Attorney's Office have <br />reviewed and approved the Contract for Purchase and the Addendum <br />security arrangement. <br />STAFF RECOMMENDATION: <br />Staff recommends that the Board of County Commissioners: <br />1. grant final plat approval for the Meadowlark Woods <br />Subdivision; <br />2. authorize the chairman to accept the Warranty/Maintenance <br />Agreement; <br />3. authorize the chairman to execute the Contract for Sale and <br />Purchase with Addendum for the 41st Street right-of-way to <br />serve as posted security. <br />0 CT 2 1990 8 <br />