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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 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 the warranty security for the Launch Crossroads development as detailed in the <br />attached worksheet. The release of security is contingent on the developer being current with all payments <br />and obligations in accordance with the Development Agreement, including a positive escrow balance as <br />may be required by the City. If removed from the consent agenda, the recommended motion for the action <br />is as follows: <br /> <br />Motion to approve the security release for the Launch Crossroads development as detailed in the <br />Security Reduction Worksheet, contingent on the developer being current with all payments and <br />obligations in accordance with the Development Agreement, including a positive escrow balance as <br />may be required by the City. <br /> <br /> <br />ATTACHMENTS: <br /> <br />1. Security Reduction Worksheet – Launch Crossroads