2000.09.05 CC Minutes - Laserfiche WebLink

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Cit y Council meeting of September 5, 2000 Page 3 the City Engineer and allows reduction in the letter of credit to $125,000, which is 25% of the estimated total construction cost. REDUCTION OF LETTER OF CREDIT (SWEET GRASS MEADOWS 2ND ADDITION) The developer of this project requested a reduction in the letter of credit for the development. The original letter of credit was for $567,000, based on an estimated construction cost of $453,600. Glen Rehbein Cos., who is the project engineer, estimated the cost of the remaining work on the project at $33,000. Based on the information provided, and estimates of our own, the City Engineer determined the cost of the remaining work exceeds $90,000. Adoption of the Consent Agenda accepted the City Engineer's recommendation and allows reduction in the letter of credit to $113,400, which is 25% of the estimated total construction cost. F.7 REDUCTION OF LETTER OF CREDIT (SWEET GRASS MEADOWS 3RD ADDITION) The developer of this project requested a reduction in the letter of credit for the development. The original letter of credit was for $500,000, based on an estimated construction cost of $400,000. Glen Rehbein Cos., who is the project engineer, estimates the cost of the remaining work on the project at $25,200. Based on the information provided, and estimates of our own, the City Engineer has determined that the cost of the remaining work exceeds $80,000. Adoption of the Consent Agenda accepted the City Engineer's recommendation, and allows reduction in the letter of credit to $100,000, which is 25% of the estimated total construction cost. APPROVAL OF ORDINANCE APPROVING NINE-MONTH EXTENSION OF THE MORATORIUM ORDINANCE At its August 10, 2000 meeting, the Council agreed to adopt an ordinance approving a nine-month extension of the ordinance establishing a temporary development moratorium on residential development within the MUSA. The temporary development moratorium will be in effect until May 18, 2001, unless further extended, or unless earlier terminated by the Council, by resolution. Additional time is necessary to continue work on the following four items as identified in the interim ordinance as adopted by the Council on August 2, 1999, and they are as follows: 1) City staff requirements; 2) City space; 3) water issues; and 4) City zoning and subdivision standards. Stoltzman made motion, Haas seconded, to adopt ORDINANCE 2000-341, AN ORDINANCE APPROVING A NINE-MONTH EXTENSION OF THE INTERIM ORDINANCE ESTABLISHING A TEMPORARY DEVELOPMENT MORATORIUM ON RESIDENTIAL DEVELOPMENT WITH THE MUSA. VOTING AYE: Barnes, Haas, Petryk, Stoltzman VOTING NAY: Leroux Motion Carried.