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i MEMO TO: Clerk -Administrator and City Council <br />{ <br />i FROM: Building Inspector <br />DATE: November 29, 1984 <br />SUBJECT: REDUCTION OF IMPROVEMENT BOND FOR EDGEWOOD SQUARE <br />The City Council on September 12, 1983, accepted the public <br />improvements known as Pinewood Circle and the extension of <br />Edgewood Drive north of County Road I. With that acceptance, <br />a checklist of corrections were also given. The checklist <br />has been completed and the improvement has passed its one year <br />warranty. Therefore, reduction of the development agreement <br />escrow amount would be allowable and is requested by the <br />developer, Good Value Homes. There exists now three lots that <br />are undeveloped and staff would recommend retainage of $5,000 <br />escrow. <br />RECOMMENDATION: Authorize deduction of escrow for Development <br />Agreement No. 82-54 with Good Value Homes from $150,000 to <br />$5,000 by resolution at your next regular meeting. <br />SAR/bc <br />i <br />