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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: November 29, 2023 <br /> <br />RE: Pioneer Commons 1st Addition – Letter of Credit Reduction <br /> <br /> <br />ACTION TO BE CONSIDERED: <br />Motion to authorize a Letter of Credit reduction for the Pioneer Commons 1st Addition project. <br /> <br />BACKGROUND: <br />The City of Little Canada entered into a Development Agreement for the plat of Pioneer Commons <br />1st Addition with U.S. Home, LLC. The Development Agreement required that the developer post a <br />Letter of Credit (LOC) as a security for the necessary public infrastructure to serve the development <br />as well as a security to ensure other conditions of the Development Agreement were satisfied. <br /> <br />Significant progress was made on this development in 2023 and a portion of the LOC can be released <br />for work that has been completed and approved. Additional LOC releases may occur in 2024 as <br />additional infrastructure and site restoration work is completed. A portion of the 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 Pioneer <br />Commons 1st Addition Project for a revised Letter of Credit amount of $400,000. <br />