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CITY COUNCIL <br />AGENDA ITEM 1F <br />STAFF ORIGINATOR: Diane Hankee <br />MEETING DATE: September 12, 2016 <br />TOPIC: Consider Resolution No. 16-105, Approving Amendment to <br />Public Improvement Surety Agreement, NorthPointe 4th Addition <br />VO 1E REQUIRED: 3/5 <br />INTRODUCTION <br />Staff is requesting council approval of the First Amendment to the NorthPointe 4th Addition <br />Surety Agreement. <br />BACKGROUND <br />As part of the Development Agreement, the City Council approved a Surety Agreement for <br />NorthPointe 4th Addition by Resolution No. 16-70 on July 11, 2016. The Surety Agreement in <br />the amount of $1,080,904 provides financial security for 125% of the estimated cost of <br />improvements which is deposited with the Escrow Agent. <br />The Bank has requested an amendment to the Surety Agreement requiring that they also <br />approve the work completed prior to disbursal. <br />RECOMMENDATION <br />Staff recommends adoption of Resolution No. 16-105. <br />ATTACHMENTS <br />1. Resolution No. 16-105 <br />