2024-01-24 CC Packet - Laserfiche WebLink

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CITY OF CENTERVILLE REQUEST FOR COUNCIL ACTION Agenda Item # Department: Requested Council Meeting Date: January 24, 2024 Administration/Engineering VIII.1a., b. TITLE OF ISSUE: Amazon Escrow Release Requests BACKGROUND AND SUPPLEMENTAL INFORMATION: A number of securities (escrows & bonds) were posted by Ryan Companies on behalf of Amazon with the execution of the developer's agreement for their site. Ryan Co. has requested full release of the site escrow and bond, and partial release of the infrastructure escrow. Documentation of watershed permit closure, contractor withholding affidavits and lien waivers have been received. The work has been completed and approved. Approximately 1 year remains on the infrastructure warranty, which requires a 35% security to remain in place until the expiration of that period. Site Escrow and Bond - $500,000 (Initial security - $50k escrow; $450k bond) - Recommended - Full release Infrastructure Escrow - $300,000 (Initial security) - Recommended - Reduction to 35% ($105,000) COST AND SOURCE(S) OF FUNDING: No cost. Release/reduction in security as shown above. REQUESTED COUNCIL ACTION: Motion to authorize release of the Amazon Site Escrow of $50,000 and Site Security Bond of $450,000. Motion to authorize reduction of the Amazon Infrastructure Escrow from $300,000 to $105,000. For ClerkÓs Use: SUPPORTED DOCUMENTS ATTACHED Motion By: ____________________________________ Resolution Ordinance Contract Minutes Plan Map Second By: ____________________________________ Vote Record: Aye Nay _____ Security Release/Reduction Request Other (specify) ____________ __________ ___ _______________________________________________________________ _____ _____ _________________________________________________________________________ Administration Department Use: Refer to: _________________________________ Consent Tabled Until: ______________________________ Regular Other: ___________________________________