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STAFF REPORT <br />DATE: August 7, 2024 <br /> CONSENT <br /> <br />AGENDA ITEM: Approve Release of Security for the Easton Village 32nd Street/Manning Avenue <br />Street Closure. SUBMITTED BY: Jack Griffin, City Engineer <br />REVIEWED BY: Nicole Miller, City Administrator Marty Powers, Public Works Director Clarissa Hadler, Finance Director <br /> Sophia Jensen, City Planner <br />Chad Isakson, Assistant City Engineer <br /> BACKGROUND: On January 7, 2020 the City Council approved the release of the remaining security amounts for the Easton Village 1st Addition. This approval was continent upon the developer providing the City with a cash escrow or Letter of Credit in the amount of $27,870 to ensure the removal of the temporary road access to Manning Avenue, after the temporary access had fulfilled the intended purpose. This condition was required to satisfy a Special Provision that was part of the Easton Village 1st Addition development agreement. ISSUE BEFORE COUNCIL: Should the City Council approve the release of the security for the Easton Village 32nd Street/Manning Avenue Street Closure? PROPOSAL DETAILS/ANALYSIS: The closure and removal of the Easton Village 32nd Street/Manning Avenue intersection has been fully completed and the area has been restored to the satisfaction of the City and Washington County. <br /> FISCAL IMPACT: Release of the security closes out this requirement and Special Provision for the Easton Village Subdivision. The operation and maintenance of the public spaces becomes the responsibility of the City and County going forward. RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, approve the release of the security for the Easton Village 32nd Street/Manning Avenue Street Closure. The release of security is contingent on the developer being current with all payments and obligations in accordance with the Development Agreement, including a positive escrow balance as may be required by the City. If removed from the consent agenda, the recommended motion for the action is as follows: <br />“Move to approve the release of the security for the Easton Village 32nd Street/Manning Avenue Street Closure, contingent on the developer being current with all payments and obligations in accordance with the Development Agreement, including a positive escrow balance as may be required by the City” <br /> ATTACHMENTS: 1. Chase Development Letter of Credit dated July 23, 2020.