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2022-07-27 CC Packet
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2022-07-27 CC Packet
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CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Centerviffe <br />Agenda Item # <br />Department: <br />Requested Council Meeting Date: <br />IX.3 <br />Engineering <br />July 27, 2022 <br />TITLE OF ISSUE: <br />Development Security Reduction Request - Rehbein Industrial <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br />Street and utility construction on the Rehbein Industrial development is substantially complete. The developer <br />has provided documentation showing payment to the contractor for the work complete, including subcontractor <br />lien -waivers. Pavement of the wear course of asphalt and boulevard turf establishment work remain, at a cost <br />of roughly $67,000. The letter of credit was established with a multiplier of 150%. Therefore, a balance of <br />150% of $67,000 should remain (67,000xl.5=100,000). The city's security reduction policy also states that a <br />security may not be drawn down to less than 5% of the original amount, until all work is complete. The <br />original security was $578,000. Therefore, 5% would be $29,000. Retaining $100,000 meets this rule. <br />Staff recommends a reduction in the development's security to $100,000. <br />COST AND SOURCE(S) OF FUNDING: <br />No direct cost. This reduces the city's security for the project from $578,000 to $100,000. <br />REQUESTED COUNCIL ACTION: <br />Motion to approve a reduction in the security for the Rehbein Industrial development project to $100,000. <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 />Love <br />Koski <br />Lakso <br />King <br />Other (specify) Detailed Costs for work complete/remaining <br />Mosher <br />Administration Department Use: <br />Consent <br />Refer to: <br />Regular <br />Tabled Until: <br />Other: <br />
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