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Hugo City Council Meeting Minutes for July 1, 2019 <br />Page 4 of 4 <br /> <br />Approve Reduction in Letter of Credit and Cash Escrow for Oneka Place <br /> <br />Oneka Place had significant work completed to date, and the developer had requested a reduction <br />in the letter of credit and cash escrow. The current letter of credit and cash escrow was in the <br />amount of $1,733,036. Staff had inspected the work completed to date and recommended <br />reducing the letter of credit by $214,124.73 and the cash escrow by $318,030.27 based on the <br />value of the work remaining to be completed. The remaining value of the combined letter of <br />credit and the cash escrow would be in the amount of $1,200,881. Adoption of the Consent <br />Agenda approved the reduction in letter of credit and cash escrow for Oneka Place <br /> <br />Approve Reduction in Letter of Credit for Preserves at Sunset Lake <br /> <br />The Preserve on Sunset Lake had significant work completed to date, and the developer had <br />requesting a reduction in the letter of credit. The current letter of credit was in the amount of <br />$320,000. Staff had inspected the work completed to date and recommended reducing the letter <br />of credit by $256,727.60. The remaining value of the letter of credit would be in the amount of <br />$63,724.40, 10% of the original value. Adoption of the Consent Agenda approved the reduction <br />in the letter of credit for The Preserve on Sunset Lake. <br /> <br />Update on the Yellow Ribbon Network <br /> <br />Council Member Chuck Haas and Phil Klein reported to Council on the Yellow Ribbon Network <br />th <br />activities held recently. Haas showed pictures of the recent 10 anniversary celebration and <br />talked about the 98 photos he showed at the event from the past ten years. There is a golf outing <br />event coming up at the Oneka Ridge Golf Course, and proceeds would go to the female veteran <br />homeless. The YRN continues to get Girl Scout cookies donated for care packages. The last <br />Burger Night was sponsored by JDog Junk Removal, and WSB will be the July Burger Night <br />sponsor. Haas thanked recent donators. There will be YRN volunteers providing a picnic lunch <br />for departing soldiers. The YRN is working with the Family Assistance Center helping with a <br />flooded home and other home improvement projects. They are also connecting Xcel Energy’s <br />nd <br />Community Outreach Program to families in need. Soldiers are signing up for the 22 Welcome <br />Home Pheasant Hunt. Starting next month, Burger Night is switching from Wednesday nights to <br />Tuesday nights. <br /> <br />Victor Gardens HOA Meeting on Monday, July 8, 2019 <br /> <br />City Administrator Bryan Bear reminded Council they had scheduled a meeting with the Victor <br />Gardens North Village HOA for Monday, July 8, 2016 in the Oneka Room. <br /> <br />Adjournment <br /> <br />Klein made motion, Petryk seconded, to adjourn at 7:56 p.m. <br /> <br />All Ayes. Motion carried. <br /> <br />Respectfully Submitted, <br /> <br />Michele Lindau <br />City Clerk <br />