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<br />~ <br /> <br /> <br />~ <br />EN HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />February 7,2008 <br /> <br />AGENDA ITEM <br /> <br />TO: <br /> <br />Mayor and City Council <br />Jim Willis, Interim City Administrator <br /> <br />FROM: <br /> <br />Kristine Giga, Civil Engineer <br /> <br />SUBJECT: <br /> <br />Hazelnut Park 3rd Addition Letter of Credit Reduction <br /> <br />BACKGROUND <br /> <br />In 2007, the City Council approved a Development Agreement for the Hazelnut Park 3rd <br />Addition plat. This development consists of 16 single family lots. The public improvements <br />include the construction of the street extension of Katie Lane to Cleveland Avenue, sanitary <br />sewer, watermain, storm sewer and infiltration basins. A majority of the work was completed in <br />2007, and the project is scheduled for completion in 2008. Work remaining for 2008 includes <br />the final lift of the bituminous pavement, turf establishment, landscaping, completion of the <br />storm sewer construction, and installation of street signs. <br /> <br />The developer submitted a letter of credit in the amount of$374,793.75 (equal to 125% of the <br />improvements) as the form of security for this project. At this time, the developer is requesting a <br />letter of credit reduction from the City for the completed public improvements. <br /> <br />DISCUSSION <br /> <br />All items completed to date are in accordance with project plans and specifications. The <br />Development Agreement states the City Council may reduce the letter of credit upon completion <br />of improvements and acceptance by the City. The following lists the improvements, associated <br />costs, amount to be reduced and remaining security. <br /> <br />\\Mctro-inet.us\ardenhills\PR&PW\Engineering\2008\Councit Actiolls\2-II-08MemoHazel3 _ LOC _ Reductioll.doc <br />