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STAFF REPORT <br />1 <br />TO:Mayor Fischer and Members of the City Council <br />FROM:Eric Seaburg, P.E., City Engineer <br />DATE:December 4, 2024 <br />RE:Pioneer Commons 3rd Addition – Letter of Credit Reduction <br />ACTION TO BE CONSIDERED: <br />Motion to authorize a Letter of Credit reduction for the Pioneer Commons 3rd Addition project. <br />BACKGROUND: <br />The City of Little Canada entered into a Development Agreement for the plat of Pioneer Commons <br />3rd 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 />Significant progress was made on this development in 2024 and a portion of the LOC can be released <br />for work that has been completed and approved. Additional LOC releases may occur in 2025 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 />STAFF RECOMMENDATIONS: <br />Staff recommends that the City Council authorize a Letter of Credit reduction for the Pioneer <br />Commons 3rd Addition Project for a revised Letter of Credit amount of $325,000.