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FISCAL IMPACT: Release of the warranty security closes out the public improvement portion of the <br />developments. The operation and maintenance of public facilities becomes the responsibility of the City <br />going forward. <br /> <br />OPTIONS: Release the security amount or Retain the current security amount. <br /> <br />RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, <br />approve the release of public improvement warranty security for Union Park 1st and 2nd Additions as <br />detailed in the attached respective worksheets, contingent on the developer being current with all payments <br />and obligations in accordance with the Development Agreements, including a positive escrow balance as <br />required by the City. If removed from the consent agenda, the recommended motion for the action is as <br />follows: <br /> <br />Motion to release the public improvement warranty security for Union Park 1st and 2nd Additions <br />as detailed in the attached respective worksheets, contingent on the developer being current with all <br />payments and obligations in accordance with the Development Agreement, including a positive <br />escrow balance as required by the City. <br /> <br /> <br />ATTACHMENTS: <br /> <br />1. Security Reduction Worksheet – Union Park 1st Addition. <br />2. Security Reduction Worksheet – Union Park 2nd Addition.