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L11i all all 01 Rol U a to U a IRT4 5 a )z &To MIMS It <br />WHEREAS, the City of Lake Elmo has significant new Developer related activity <br />transpiring within the City Boundaries; and <br />qiiliq <br />illil;�iilliilllilll!;� imllii� 1111 111101 1 <br />M. <br />WHEREAS, the City holds a number of Developer escrows per those Developer <br />Agreements in a segregated Developer escrow Fund; and <br />WHEREAS, the City Finance Committee has recommended strengthening the internal <br />controls surrounding the review of Development project closure including department wide <br />approval prior to the release of escrows; and <br />BE IT RESOLVED that effective immediately the City Council must approval all <br />proposed refunds of all developer related escrows. <br />Mike Pearson, Mayor <br />EINIM <br />Adam Bell, City Clerk <br />