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FISCAL IMPACT: Release of the warranty security closes out the public improvement portion of the <br />development. The operation and maintenance of the public facilities becomes the responsibility of the city <br />going forward. <br /> <br />OPTIONS: Reduce the security amount for the Ebertz Addition or retain the current security amount. <br /> <br />RECOMMENDATION: Staff are recommending that the City Council, as part of the Consent Agenda, <br />approve a security reduction for the Ebertz Addition. The security reduction is contingent on the developer <br />being current with all payments and obligations in accordance with the Development Agreement, including <br />a positive escrow balance as may be required by the City. If removed from the consent agenda, the <br />recommended motion for the action is as follows: <br /> <br />Motion to approve a security reduction for the Ebertz Addition as detailed in the Security Reduction <br />Worksheet, contingent on the developer being current with all payments and obligations in <br />accordance with the Development Agreement, including a positive escrow balance as may be <br />required by the City. <br /> <br /> <br />ATTACHMENTS: <br /> <br />1. Security Reduction Worksheet – Ebertz Addition.