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CITY OF LAKE ELMO <br />WASHINGTON COUNTY, MINNESOTA <br />RESOLUTION NO. 2014-89 <br />RESOLUTION PROVIDING SPECIFIC DIRECTION RELATED TO THE <br />RELEASE/RETURN OF DEVELOPER RELATED ESCROW FUNDS <br />WHEREAS, the City of Lake Elmo has significant new Developer related activity <br />transpiring within the City Boundaries; and <br />WHEREAS, the City is executing Developer Agreements for that development activity; <br />and <br />WHEREAS, the City holds a number of Developer escrows per those Developer <br />Agreements in a segregated Developer escrow Fund; and <br />WHEREAS, the City Finance Committee has recommended strengthening the internal <br />controls surrounding the review of Development project closure including department wide <br />approval prior to the release of escrows; and <br />BE IT RESOLVED that effective immediately the City Council must approval all <br />proposed refunds of all developer related escrows. <br />Adopted by the Lake Elmo City Council on the 18th day of November, 2014. <br />Mike Pearson, Mayor <br />ATTEST: <br />2 Adam Bell, City Clerk <br />