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<br />FISCAL IMPACT: It is the City’s goal to retain at all times during the site improvements a security <br />amount that is adequate to ensure completion of all elements of the improvements as protection to the city <br />tax payers against the potential of developer default. <br /> <br />OPTIONS: Reduce the site improvement 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 security reductions as detailed in the attached worksheet for the Gardner School Site <br />Improvements, contingent on the developer being current with all payments and obligations in accordance <br />with the Site Improvement Agreement, including a positive escrow balance as required by the City. If <br />removed from the consent agenda, the recommended motion for the action is as follows: <br /> <br />Motion to approve the security reduction as detailed in the attached worksheet for the Gardner <br />School Site Improvements, contingent on the developer being current with all payments and <br />obligations in accordance with the Site Improvement Agreement. <br /> <br /> <br />ATTACHMENTS: <br /> <br />1. Certificate of Completion – Gardner School Site Improvements (9880 Hudson Blvd). <br />2. Security Reduction Worksheet – Gardner School Site Improvements (9880 Hudson Blvd).