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2 <br /> <br />September/October seeding window. Approximately $16,060 remains to be paid out on this <br />contract with Prairie Restorations. <br /> <br />On July 27, 2020 staff informed the City Council of the pending Letter of Credit release. With <br />no objection from the City Council the remaining $20,000 Letter of Credit was returned to Lake <br />Elmo State Bank on July 28, 2020. <br /> <br />Staff is proposing the following actions: <br /> <br />1. $45,105.90 of the original $71,000 draw down has been paid out on the existing <br />contracts. The City has $16,060 remaining in outstanding obligations to Prairie <br />Restoration Inc. The remaining balance in the amount of $9,834.10 can be released. <br /> <br />2. The City originally received $104,900 to cover city incurred costs including, but not <br />limited to, administration, engineering, street light and boulevard tree installation. The <br />City has incurred $93,284.26 in reimbursable expenses related to the subdivision. The <br />City will retain an additional $9,567.50 of cash escrow for payment of pending consultant <br />invoices and release the balance of the cash escrow in the amount of $2,048.24. <br />Documentation supporting the charges will be submitted to the Developer. <br /> <br />Staff anticipates some additional expenditures related to the project will be incurred over the <br />course of contract completion. Upon release of the escrow these will not be reimbursable. Staff <br />is estimating this at approximately $1,500. <br /> <br />RECOMMENDATION <br /> <br />Staff is recommending approval of Resolution No. 20-89. <br /> <br />ATTACHMENTS <br /> <br />1. Resolution No. 20-89 <br />