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STAFF ORIGINATOR: <br />MEETING DATE: <br />TOPIC: <br />VOTE REQUIRED: <br />INTRODUCTION <br />CITY COUNCIL <br />AGENDA ITEM 6C <br />Michael Grochala <br />September 22, 2014 <br />Consider Resolution No. 14-111, Approving 1st <br />Amendment to Public Improvement Surety Agreement, <br />NorthPointe <br />3/5 <br />Staff is requesting council consideration to approve an amendment to the NorthPointe surety <br />agreement. <br />BACKGROUND <br />The City Council approved the development contract and planned unit development agreement <br />for NorthPointe by Resolution No. 14-48 on June 23, 2014. The development contract <br />included a surety agreement to provide financial security for the proposed public <br />improvements. The agreement required a financial security in the amount of $913,300 to be <br />deposited with the escrow agent. This amount represented 125% of the estimated cost of <br />improvements ($730,589). The developer has requested the ability to escrow the estimated cost <br />of the improvements ($730,589) and provide the remaining financial security ($182,411) to the <br />City in the form of a letter of credit. <br />Staff has reviewed the request with the City Attorney who prepared the proposed First <br />Amendment to the Public Improvement Surety Agreement. The amendment provides for the <br />deposit of funds and the provision of a letter of credit for the remaining amount. The City <br />routinely accepts letters of credit to secure the cost of public improvements. <br />RECOMMENDATION <br />Staff recommends adoption of Resolution No. 14-111. <br />ATTACHMENTS <br />1. Resolution No. 14-111 <br />