Laserfiche WebLink
CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Agenda Item # Department: Requested Council Meeting Date: <br />February 28, 2024 <br />Engineering <br />VIII.1 <br />TITLE OF ISSUE: <br />Development Security Release Request - Kwik Trip <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br />Kwik Trip has requested the release or partial release of their development securities. Staff has reviewed the <br />escrow agreement and has deducted costs against those escrows and has the following recommendation: <br />Reduce the Turn Lane security to 25% of its original amount, per the stipulation in the escrow agreement. At <br />the conclusion of the 2-year warranty period (December of 2024), the remaining security can be released. <br />Release the balance of the development review escrow. <br />COST AND SOURCE(S) OF FUNDING: <br />N/A - Return of escrow funds. <br />REQUESTED COUNCIL ACTION: <br />Motion to reduce the Turn Lane escrow to $40,449 and return the balance of the development review escrow, in <br />the amount of $881. <br />For ClerkÓs Use: <br />SUPPORTED DOCUMENTS ATTACHED <br />Motion By: ____________________________________ <br /> Resolution Ordinance Contract Minutes Plan Map <br />Second By: ____________________________________ <br />Vote Record: Aye Nay <br />_____ <br />Escrow Agreeent <br />Other (specify) ____________ <br />__________ <br />___ <br />_______________________________________________________________ <br />_____ <br />_____ <br />_________________________________________________________________________ <br />Administration Department Use: <br />Refer to: _________________________________ <br />Consent <br /> Tabled Until: ______________________________ <br /> Regular <br /> Other: ___________________________________ <br /> <br />