08-10-2020 Council Packet - Laserfiche WebLink

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1 CITY OF LINO LAKES RESOLUTION NO. 20-89 RELEASING DEVELOPMENT SECURITIES ST. CLAIR ESTATES WHEREAS, the City Council approved the Development Agreement for St. Clair Estates on February 27, 2017, recorded for record with Anoka County on August 2, 2017 as document no. 2177331.005; and WHEREAS, City collected escrows, fees, and security to cover City incurred costs related to the development and to secure the completion of improvements as required; and WHEREAS, on October 1, 2019 the City drew upon the Letter of Credit to complete the improvements on St. Clair Estates; and WHEREAS, the City is nearing completion of improvements; and WHEREAS, the City released the $20,000 Letter of Credit on July 28, 2020, NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes hereby makes the following: 1. The balance of the LOC draw, less outstanding obligations of $16,060, may be released in the amount of $9,834.10. 2. The balance of the City escrow, less outstanding and pending obligations of $9,567.50, in the amount of $2,048.24 be released and documentation supporting the charges be provided to the developer. BE IT FURTHER RESOLVED that the City Council acknowledges that following release of the above securities, any additional expenditures related to the St. Clair development will be the responsibility of the City. Adopted by the Council of the City of Lino Lakes this 10th day of August, 2020. The motion for the adoption of the foregoing resolution was introduced by Council Member _______________and was duly seconded by Council Member ________________ and upon vote being taken thereon, the following voted in favor thereof: The following voted against same: _______________________________ Rob Rafferty, Mayor ATTEST: ________________________ Julianne Bartell, City Clerk