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<br /> <br /> Staff Report <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 12, 2025 <br /> <br />Re: Pioneer Commons 2nd Addition – Letter of Credit Reduction <br /> <br />Action To Be Considered: <br />Motion to approve, table, or deny the following: <br />• Letter of Credit reduction for the Pioneer Commons 2nd Addition project. <br />• Authorize the City Administrator to sign the attached Letter of Credit <br /> <br />Background: <br />The City of Little Canada entered into a Development Agreement for the plat of Pioneer <br />Commons 2nd Addition with U.S. Home, LLC. The Development Agreement required that the <br />developer post a Letter of Credit (LOC) as security for the necessary public infrastructure to <br />serve the development, as well as security to ensure other conditions of the Development <br />Agreement were satisfied. <br /> <br />A majority of the work for this development was completed in 2023. As such, the City Council <br />authorized a LOC reduction in November 2023 to an amount of $150,000. Since then, additional <br />infrastructure has been completed, but certain punchlist and final development conditions are <br />still considered open. Therefore, an additional portion of the LOC can be released for work that <br />has been completed and approved. <br /> <br />Staff Recommendations: <br />Staff recommends that the City Council authorize a Letter of Credit reduction for the Pioneer <br />Commons 2nd Addition Project for a revised Letter of Credit amount of $75,000 and authorize <br />the City Administrator to sign the attached Letter of Credit. <br /> <br />Attachments: <br />• Letter of Credit <br /> <br />