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�m Co <br />® MEMO TO: Clerk -Administrator and City Council <br />FROM: City Planner Herman <br />DATE: September 15, 1988 <br />SUBJECT: DEVELOPERS ESCROW ACCOUNTS <br />In the continuing effort to reconcile the City's books against <br />developers accounts, I would like to release the final <br />development escrow accounts. Apparently, in 1976 the developers <br />listed had deposted money with the City to ensure that their <br />development met the approved standard. Since that time, these <br />monies have not been refunded nor has the interest been <br />refunded. In Attachment A of Reeolution No. 2382 you will find <br />the developers and the initial deposit listed. <br />These six accounts are the last remaining escrow accounts held by <br />the City. I have pulled the files on these developments and have <br />e <br />verified that all work has been cfinal escrow These will be the <br />last accounts needing relase of fordevelopment Projects - <br />city the <br />City s practice to require <br />City Accountant Mary Tatarek has been keeping track, of the <br />interest due on each of these accounts. Because of the <br />fluctuating interest rates received by the City, we would request <br />that these <br />deposits be released <br />Ps of September 31st to allow for <br />the <br />adequate <br />KJH/BAC <br />Attachment <br />