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• <br />CITY OF LINO LAKES <br />RESOLUTION NO. 20-89 <br />RELEASING DEVELOPMENT SECURITIES <br />ST. CLAIR ESTATES <br />WHEREAS, the City Council approved the Development Agreement for St. Clair Estates on <br />February 27, 2017, recorded for record with Anoka County on August 2, 2017 as document no. <br />2177331.005; and <br />WHEREAS, City collected escrows, fees, and security to cover City incurred costs related to the <br />development and to secure the completion of improvements as required; and <br />WHEREAS, on October 1, 2019 the City drew upon the Letter of Credit to complete the <br />improvements on St. Clair Estates; and <br />WHEREAS, the City is nearing completion of improvements; and <br />WHEREAS, the City released the $20,000 Letter of Credit on July 28, 2020, <br />NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes <br />hereby makes the following: <br />1. The balance of the LOC draw, less outstanding obligations of $16,060, may be released <br />in the amount of $9,834.10. <br />2. The balance of the City escrow, less outstanding and pending obligations of $9,567.50, in <br />the amount of $2,048.24 be released and documentation supporting the charges be <br />provided to the developer. <br />BE IT FURTHER RESOLVED that the City Council acknowledges that following release of <br />the above securities, any additional expenditures related to the St. Clair development will be the <br />responsibility of the City. <br />Adopted by the Council of the City of Lino Lakes this 10th day of August, 2020. <br />The motion for the adoption of the foregoing resolution was introduced by Council Member <br />and was duly seconded by Council Member GSZ.. and upon <br />votV being taken thereon, the following voted in favor thereof: <br />c-hcsz, Q."Actlst-t. , RtA4t,la.3ti4 'R a.8.i.u--41 <br />The following voted against same: <br />ATTEST: <br />1 <br />