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STAFF REPORT <br />DATE: December 17, 2024 <br /> CONSENT <br /> <br />AGENDA ITEM: Approve Security Reduction for MEP Lake Elmo LLC (Milestones <br />Daycare Center) <br /> SUBMITTED BY: Jack Griffin, City Engineer <br />REVIEWED BY: Nicole Miller, City Administrator <br /> Jason Stopa, Community Development Director <br /> Sophia Jensen, City Planner Marty Powers, Public Works Director <br /> Clarissa Hadler, Finance Director <br /> Chad Isakson, Assistant City Engineer <br /> <br /> <br />ISSUE BEFORE COUNCIL: Should the City Council approve a security reduction for MEP Lake Elmo <br />LLC (Milestones Daycare Center)? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the <br />development security for the Milestones Daycare Center site improvements. This reduction includes a 50% <br />reduction in categories 2-5, including sanitary sewer, watermain, storm sewer, and street/trail cut entrances. <br />Additionally, the landscaping has been accepted and this reduction includes a 75% reduction of that <br />category. These requests have been reviewed and are being recommended for approval in accordance with <br />Section 30.D of the approved Site Improvement Agreement. The approval is contingent on the developer <br />having a positive escrow balance in the minimum amount required by the city, and the developer being <br />current with all required payments and obligations. The Site Improvement security amounts are <br />recommended to be reduced as follows: <br /> <br /> Current Security Amount Proposed Security Amount <br />1. Milestones Daycare $ 453,928 $ 295,620 <br /> <br />FISCAL IMPACT: It is the City’s goal to retain at all times during the subdivision improvements a <br />security amount that is adequate to ensure completion of all elements of the improvements as protection to <br />the city tax payers against the potential of developer default. <br /> <br />RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, <br />approve the security reduction as detailed in the attached worksheet for the Milestones Daycare Center site <br />improvements, contingent on the developer being current with all required payments and obligations, <br />including a positive escrow balance. If removed from the consent agenda, the recommended motion for the <br />action is as follows: <br /> <br />“Move to approve the security reduction as detailed in the attached worksheet for the Milestones <br />Daycare Center site improvements, contingent on the developer being current with all payments and <br />obligations, including a positive escrow balance.” <br /> <br />ATTACHMENTS: <br />1. Security Reduction Worksheet – Milestones Daycare Center site improvements.