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CITY OF CENTERVILLE <br /> REQUEST FOR <br /> COUNCIL ACTION J`' <br /> o <br /> Agenda Item# Department: Requested Council Meeting Date: <br /> Administration August 8, 2018 <br /> TITLE OF ISSUE: <br /> Letter of Credit Policy <br /> BACKGROUND AND SUPPLEMENTAL INFORMATION: <br /> City code, section 153.36 requires a developer's agreement for new subdivisions. The code requires that : "The <br /> performance of the contract shall be financially secured by a cash escrow deposit or irrevocable letter of credit <br /> as hereinafter set forth." The code further lays out the requirements of the LOC. However, it simply says that <br /> the "Release of the letter of credit will be determined by Council resolution." <br /> Specifics of the process for LOC reductions and final release, therefore, need further clarification. Staff felt this <br /> might best be done through a policy. Attached is a draft of that policy for your review. <br /> COST AND SOURCE(S) OF FUNDING: <br /> No cost. <br /> REQUESTED COUNCIL ACTION: <br /> Motion to approve a"Policy and Procedure To Reduce The Amount Of A Letter Of Credit Issued To The City" <br /> For Clerk's Use: <br /> SUPPORTED DOCUMENTS ATTACHED <br /> Motion By: <br /> Resolution Ordinance Contract Minutes Plan Map <br /> Second By: <br /> Vote Record: Ave Nay <br /> King Other(specify) Draft Policy <br /> Love <br /> Paar <br /> Koski <br /> Montain <br /> Administration Department Use: <br /> Refer to: <br /> Consent <br /> Tabled Until: <br /> Regular <br /> Other: <br />