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TO:Mayor Fischer and Members of the City Council <br />FROM:Corrin Wendell, Community Development Dir. <br />STAFF REPORT <br />DATE:November 29, 2023 <br />RE:Gervais Woods 2nd Addition – Letter of Credit Reduction <br />ACTION TO BE CONSIDERED: <br />Motion to authorize a Letter of Credit reduction for the Gervais Woods 2nd Addition project. <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 />Significant progress was made on this development in 2023 and several items from the Securities <br />Requirements Worksheet are considered complete by City staff as of November 28, 2023, contingent <br />on final acceptance of the stormwater infrastructure by Ramsey-Washington Metro Watershed District <br />staff. As such, City staff recommends a reduction of the developer’s security to $0. The remaining <br />security of $4,500 will be held from Hanson Builders through a Right-of-Way permit for Street <br />Sweeping, Utility Protection and Repair, and Street Protection and Repair until all final development <br />agreement items are complete. <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 $0, contingent on final acceptance of <br />the stormwater infrastructure by Ramsey-Washington Metro Watershed District.