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<br /> <br /> STAFF REPORT <br />1 <br /> <br /> <br /> <br /> <br />TO: Mayor Fischer and Members of the City Council <br /> <br />FROM: Eric Seaburg, P.E., City Engineer <br /> <br />DATE: October 11, 2023 <br /> <br />RE: Gervais Woods 2nd Addition – Letter of Credit Reduction <br /> <br /> <br />ACTION TO BE CONSIDERED: <br />Motion to authorize a Letter of Credit reduction for the Gervais Woods 2nd Addition project. <br /> <br />BACKGROUND: <br />The City of Little Canada entered into a Development Agreement for the plat of Gervais Woods 2nd <br />Addition with Landmark of Little Canada, LLC. The Development Agreement required that the <br />developer post a Letter of Credit (LOC) as a security for the necessary public infrastructure to serve <br />the development as well as a security to ensure other conditions of the Development Agreement were <br />satisfied. <br /> <br />Significant progress was made on this development in 2023 and the public utility infrastructure is <br />considered complete by City staff as of October 11, 2023, contingent on final acceptance of the <br />stormwater infrastructure by Ramsey-Washington Metro Watershed District staff. As such, City staff <br />recommends a reduction of the developer’s security to $21,250. The remaining security will be held <br />until all final development agreement items are complete. <br /> <br />STAFF RECOMMENDATIONS: <br />Staff recommends that the City Council authorize a Letter of Credit reduction for the Gervais Woods <br />2nd Addition Project for a revised Letter of Credit amount of $21,250, contingent on final acceptance <br />of the stormwater infrastructure by Ramsey-Washington Metro Watershed District. <br />