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<br />Council Member Nelson indicated she would be fine with lowering the retainage to 125% <br />if that was the desire of Council but said she felt the letter of credit was essential. <br /> <br />Mayor Swedberg noted that a smaller project would require more retainage because there <br />is not much there. <br /> <br />Council Member Broussard Vickers indicated she would like to see the City require the <br />letter of credit and the 150% retainage because~he does not feel the amount of money <br />required is much of an outlay for a large corporation. <br /> <br />Council Member Capra stated she would be fine with either the 125% or 150% retainage <br />but said she felt the letter of credit was in the best interest of the City. <br /> <br />Council Member Travis indicated he felt the letter of credit is easier for the City to draw <br />on should it become necessary and, therefore, it would be in the best interest of the city to <br />require it rather than a bond. <br /> <br />Council Member Travis questioned whether the Certificates of Occupancy could be <br />issued prior to the bituminous being done. City Attorney Hoeft indicated that the City <br />has considered allowing an aggregate base based on weather conditions noting that, <br />weather permitting, the bituminous would need to be done yet this year. <br /> <br />Council Member Travis noted City Ordinance required that driveways be bituminous <br />prior to occupancy. City Attorney Hoeft noted he would review the matter and advise <br />Council. <br /> <br />Mr. Hannah noted that occupancy would not occur before June of 2002 and noted the <br />concern was to pull permits and build models this fall. <br /> <br />Motion by Council Member Nelson. seconded by Council Member Travis to <br />approve Resolution 01-018. awarding bid for the Pheasant Marsh Sub-Division <br />(Phase I). All in favor. Motion carried unanimously. <br /> <br />Motion by Council Member Nelson. seconded by Council Member Capra to remove <br />the resignation of Juran & Moody as Financial Advisors for the purpose of bond <br />purchasing related to Pheasant Marsh and Resolution 01-019 awarding issuance of <br />bond for the Pheasant Marsh Sub-Division from the agenda. All in favor. Motion <br />carried unanimously. <br /> <br />3. Resignation of Juran & Moody as Financial Advisors for the purpose of Bond <br />Purchasing relating to the Pheasant Marsh Sub-Division (Phase I) <br /> <br />This item was removed from the agenda. <br /> <br />Page 14 of 18 <br />