Laserfiche WebLink
CITY COUNCIL <br />AGENDA ITEM 1F <br /> <br /> <br />STAFF ORIGINATOR: Diane Hankee <br /> <br />MEETING DATE: September 12, 2016 <br /> <br />TOPIC: Consider Resolution No. 16-105, Approving Amendment to <br />Public Improvement Surety Agreement, NorthPointe 4th Addition <br /> <br />VOTE REQUIRED: 3/5 <br /> <br /> <br />INTRODUCTION <br /> <br />Staff is requesting council approval of the First Amendment to the NorthPointe 4th Addition <br />Surety Agreement. <br /> <br />BACKGROUND <br /> <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 /> <br />The Bank has requested an amendment to the Surety Agreement requiring that they also <br />approve the work completed prior to disbursal. <br /> <br />RECOMMENDATION <br /> <br />Staff recommends adoption of Resolution No. 16-105. <br /> <br />ATTACHMENTS <br /> <br />1. Resolution No. 16-105