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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 />OPTIONS: Accept the public improvements and reduce the security amount or do not accept the public <br />improvements and retain the current security amount. <br /> <br />RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, <br />accept the improvements and approve the security reductions as detailed in the attached worksheet for <br />Bridgewater Bank, contingent on the developer being current with all payments and obligations in <br />accordance with the Site Improvement Agreement, including a positive escrow balance as required by the <br />City. If removed from the consent agenda, the recommended motion for the action is as follows: <br /> <br />Motion to accept the improvements and approve the security reduction as detailed in the attached <br />worksheet for Bridgewater Bank, 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 – Bridgewater Bank. <br />2. Security Reduction Worksheet – Bridgewater Bank.