HomeMy WebLinkAboutItem 15 - Resolution 2014 89_Developer escrow release approval
CITY OF LAKE ELMO WASHINGTON COUNTY, MINNESOTA
RESOLUTION NO. 2014-89 RESOLUTION PROVIDING SPECIFIC DIRECTION RELATED TO THE RELEASE/RETURN OF DEVELOPER RELATED ESCROW FUNDS
WHEREAS, the City of Lake Elmo has significant new Developer related activity transpiring within the City Boundaries; and
WHEREAS, the City is executing Developer Agreements for that development activity;
and WHEREAS, the City holds a number of Developer escrows per those Developer Agreements in a segregated Developer escrow Fund; and
WHEREAS, the City Finance Committee has recommended strengthening the internal controls surrounding the review of Development project closure including department wide approval prior to the release of escrows; and
BE IT RESOLVED that effective immediately the City Council must approval all
proposed refunds of all developer related escrows. Adopted by the Lake Elmo City Council on the 18th day of November, 2014.
_________________________ Mike Pearson, Mayor ATTEST:
__________________________________ Adam Bell, City Clerk