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Lake Elmo <br />Agenda Section: Planning, Land Use and Zoning <br />No. 9B <br />City Council <br />February 21, <br />2006 <br />Agenda Item: Letter of Credit Escrow Reduction — Sanctuary of Lake Elmo <br />Background Information for February 21, 2006: <br />The developers have completed all of the underground pipe work on the subject project — inspected by the <br />City, but completed entirely at the developer's risk. They now are requesting a reduction of Development <br />Agreement security to reflect the value of the completed work. The City Engineer has certified a new <br />development security requirement of $1,538,750 as 125% of the work remaining by the developer. The <br />grading and erosion control inspection and security is handled separately (and very effectively) by the <br />Browns Creek Watershed District. The City Engineer's February 17, 2006 Memo in this regard is attached. <br />Action items: <br />Person re onsible: <br />yo <br />Motion to approve reduction of the required development security <br />for the Sanctuary of Lake Elmo to $1,538,750, as recommended <br />by the City Engineer to reflect the value of improvements <br />completed to date. <br />Attachments: <br />Time Allocated: <br />1. City Engineer's Memo of February 17, 2006 <br />