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LAKE ELCO CITY COUNCIL MEETING Page 3 ( They are not the developers, Ken Neudahl is the developer. Mr. Neudahl and these property owners do not want to bind the other property owners to perform the conditions of this agreement. This agreement is for Mr.Neudahl to perform certain public improvements on this property. It should show that these other people have an interest in the property and are aware of this agreement, but the responsibility of carrying it out is Mr. Neudahl's. Page 2, Paragraph B; should read drainage improvements instead of storm sewers. Page 3, Paragraph 5; (Performance Bond) should refer to a cash escrow instead of a Performance Bond. Page 4, Paragraph 1; (Estimated Cost of the Improvements) is $45,200. which includes the 125% cash escrow and overflow pipe. Page 4, Paragraph 6; should not be in there. In place of the paragraph will be a list of the people who have some interest in the property. Another term that should be included is "the City should provide for a partial release of this cash escrow as improvements are completed." (Eder asked if there was a place for reference to "plat dated" or "development plan dated") Bohrer stated it should be Plans and Specifications dated October 4th, 1983.Page 2, Paragraph 3. Page 1 "City Council on October 4th ..... " should include final plat. Larry Bohrer said bond need be only $35,500 after the overflow is deleted. Dennis Peck referred to the offsite easement, and asked for a good faith provision by the Neudahls, that they will make every reasonable effort to obtain the easement. If they are unable to do that, they can trigger some kind of City action within a certain period of time. It would be the City's determination that a reasonable effort had been made to obtain the easement. M/S/P Morgan/Dunn - Move to authorize the City Administrator and Mayor to enter into the agreement as approved by the City Attorney according to aforementioned discussion. (5 ayes) Consensus of the Council was to deny Neudahl's request for a building permit to be issued prior to recording of the plat. 7. Engineers Report: A. 201 Engineering Agreement/Financing - Discussion of the fina- nce plan submitted by Whittaker. Whittaker stated that the City could finance the design stage (Step2) from their reserves. That it would cost less than borrowing the money. The City is in a position, with its present reserves, to finance the $90,000 thru 1984. The City would lose some investment income, but that lost income should be charged to the project and assessed back to the property owners when it is completed. The construction phase of the project, scheduled to begin in 1985, could put us in a situation where we would be carrying as much as $200,000 in some months of 1985. At this time, Larry felt that the City could not reasonably finance that from the reserves. We will have to either join with the County in bonding for these improve- ments or bonding for these improvements ourselves and assessing the interest and bonding costs back to the benefited property owners. The