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RECOMMENDATION: <br />Staff are recommending that the City Council, as part of the Consent Agenda, approve the security reduction for Lake <br />Elmo Townhomes 8 as detailed in the attached worksheet. The security reduction is contingent on the developer being <br />current with all payments and obligations in accordance with the Development Agreement, including a positive escrow <br />balance as required by the City. If removed from the consent agenda, the recommended motion for the action is as <br />follows: <br />Motion to approve the security reduction for Lake Elmo Townhomes 8 as detailed in the Security Reduction <br />Worksheet, contingent on the developer being current with all payments and obligations in accordance with the <br />Development Agreement, including a positive escrow balance as required by the City. <br />ATTACHMENTS: <br />1.Security Reduction Worksheet – Lake Elmo Townhomes 8.