HomeMy WebLinkAboutResolution 2014-89 Providing Specific Direction Related to the Release or Return of Developer Related Escrow FundsCITY 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:
2 Adam Bell, City Clerk