The Village Board of Trustees of Cottage Grove on March 18 approved a development agreement with C.R. Cottage Grove Land LLC for the Hay Day multifamily project, requiring the developer to install public improvements and provide financial security equal to 120% of the improvement cost.

The agreement, presented at the village hall and on Zoom, requires installation of a street extension, sewer, water and completion of a multiuse path within the development. The village presented the requirement that the developer provide either a letter of credit or a bond for 120% of the estimated public-improvement costs to allow the village to complete the work if the developer does not.

Village staff described the agreement as a standard public-improvement/developer agreement similar to prior multifamily projects and said the developer has already received the village's zoning approvals. One contingency noted in the presentation is that the developer must file a petition to vacate a portion of Fundamental Way before certain work proceeds.

Board members moved and seconded approval during the meeting; the motion was carried by voice vote. The meeting record does not include a roll-call tally for the approval.

Votes at a glance

- Motion to approve minutes of the March 3 village board meeting — approved by voice vote; tally not specified in the transcript.
- Motion to approve the development agreement with C.R. Cottage Grove Land LLC (Hay Day) as presented — approved by voice vote; tally not specified in the transcript.

Context: The agreement places responsibility for constructing and securing public infrastructure with the developer rather than providing a financial incentive from the village. The 120% security requirement is intended to protect the village if contract work is not completed.