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ITEM 11 <br />MEMO TO: Clerk -Administrator and City Council <br />r <br />Y <br />FROM: <br />Director <br />of <br />Public Works/Community Development <br />DATE: <br />December <br />22, <br />1986 <br />SUBJECT: SECURITY FOR DEVELOPMENT AGREEMENT N0. 82-52 <br />Attached please find a letter from Toro Wistrom of Kraus -Anderson <br />Development Corporation dated November 7, 1986, requesting that <br />M G E Realty's Bond No. 400GH2432 be reduced to $37,000. The <br />tion f rom the <br />request is <br />59 Thepercent developmentcagreement statesithatlthenamount bond may <br />be reduced as substantial completion of the Silver Lake Woods <br />plat occurs. <br />Kraus -Anderson has had good success in developing the single <br />family lot area, marginal success in developing the condominium/ <br />townhouse area, and limited success in developing the commercial <br />area. <br />The request for reduction is reasonable. <br />Do you want to reduce the security? <br />Staff requests direction in this matter. <br />SWT/bac <br />Attachment <br />