05-26-10 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL MAY 12, 2010 would not occur until the first lift of blacktop is installed. The City Administrator recommended a reduction from $658,629 to $412,265 as requested. Keis asked what the downside would be to the City in reducing the letter of credit early. The Administrator noted that if the developer did not complete the project, the City would draw on the letter of credit to finish the work. He indicated that even with the reduction, there would be adequate funds to do that. Keis asked if the City receives assurances that contractors are paid. The City Administrator reported that the developer's lenders require lien waivers and the City has not had to do that. If liens exist, lot sales become more difficult. Mr. Blesener introduced the following resolution and moved its adoption: RESOLUTION NO. 201 D-5-13G - APPROVING A RED UCTION IN THE GERVAIS WOODS LETTER OF CREDIT FROM $658,629 TO $912,265 AS RECOMMENDED BY THE CITYADMINISTRATOR "1'he foregoing resolution was duly seconded by Montour. Ayes (4). Nays (0). Resolution declared adopted. LITTLE Blesener noted the work being done on the Little Canada Road bridge CANADA which includes painting and new railings. He indicated that one of the ROAD City's 2010 Goals is to improvement Little Canada Road streetscape BRIDGE fi•om County Road C to Edgerton Street. The bridge work is the first RAILINGS step in that process. WORKSHOP Blesener noted that following the adjournment of the regular Council MEETING meeting, the City Council will continue its economic development and information update workshop. AD30URN Ms. Boss introduced the following resolution and moved its adoption: RESOLUTIONNO. 2010-5-137-ADJOURNING The foregoing resolution was duly seconded by Montour. Ayes (4). Nays (0). Resolution declared adopted. 9