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CITY COUNCIL <br />1... AGENDA ITEM 1G <br />STAFF ORIGINATOR: Diane Hankee <br />MEETING DATE: September 28, 2015 <br />TOPIC: Consider Resolution No. 15-110, Approving Amendment to <br />Public Improvement Surety Agreement, NorthPointe 3rd Addition <br />VOTE REQUIRED: 3/5 <br />INTRODUCTION <br />Staff is requesting council consideration to approve an amendment to the NorthPointe 3rd <br />Addition surety agreement. <br />BACKGROUND <br />The City Council approved the development contract and planned unit development agreement <br />for NorthPointe 3rd Addition by Resolution No. 15-87 on August 24, 2015. The development <br />contract included a surety agreement to provide financial security for the proposed public <br />improvements. The agreement required a financial security in the amount of $1,075,075 to be <br />deposited with the escrow agent. This amount represented 125% of the estimated cost of <br />improvements ($860,060). The developer will also provide the remaining financial security for <br />City Improvements ($97,110) 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. <br />RECOMMENDATION <br />Staff recommends adoption of Resolution No. 15-110. <br />ATTACHMENTS <br />1. Resolution No. 15-110 <br />