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<br /> <br />tervi[[e <br /> <br />'Esta6[ishd 1L<.{57 <br /> <br />STAFF REPORT <br />CENTERVILLE CITY COUNCIL <br /> <br />Date: <br /> <br />April 23, 2003 <br /> <br />To: <br /> <br />Honorable Mayor and City Council Members <br />Ms. Kim Moore-Sykes, City Administrator <br /> <br />Ellen Paulseth, Finance Director ~ <br /> <br />Pheasant Marsh Phase II Escrow <br /> <br />From: <br /> <br />Re: <br /> <br />************************************************************************ <br /> <br />As per the developer's agreement for Pheasant Marsh Phase II, an engineering escrow of <br />$12,500 is required. It was agreed to transfer the Phase I escrow, in that same amount, to <br />the Phase II account, as Phase I is substantially complete and bond proceeds from the <br />M.S. Chapter 429 process exist to cover all remaining obligations. A simple motion from <br />the Council authorizing the transfer of funds should suffice. <br /> <br />Motion to transfer $12,500 from the Pheasant Marsh Phase I Capital Project Fund to the <br />Pheasant Marsh Phase II Capital Project Fund, to satisfy the requirement for the <br />engineering escrow called for in the Pheasant Marsh Phase II Developer's Agreement. <br />