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<br />~. <br />, <br /> <br />City of Centerville <br />Council Meetings <br />March 27, 2002 <br /> <br />Mr. Runkle commented that in his many years of experience he has never had a bond or <br />letter of credit called and asked whether the City had ever needed to do so. <br /> <br />Council Member Travis indicated the City did call one bond <br /> <br />Council Member Broussard Vickers commented that the letter of credit IS III the <br />document to protect the City. <br /> <br />Council Member Broussard Vickers said she likes the protection that the letter of credit <br />gives the City and she does not think that the dollar amount should be an issue for a <br />corporation the size of Ground Development. She also noted that the amount could be <br />lowered as improvements are completed. <br /> <br />Council Member Nelson indicated with the exception of the typographieal error on Page <br />8 she is not interested in making any ehanges to the document. <br /> <br />City Attorney Hoeft indicated that Mr. Runkle has interpreted the Ordinance to allow for <br />an alternative security measure and said the City could amend the ordinance to <br />specifically allow only for the letter of credit to clarify the situation. <br /> <br />Mayor Swedberg said the document was agreed upon after lengthy discussions with Mr. <br />Hannah. He then indicated that Mr. Hannah had made the same arguments at the time the <br />document was drafted. <br /> <br />Council Member Capra said she is not interested in changing the security based on the <br />fact that the City has had issues in the past. <br /> <br />Council Member Broussard Vickcrs asked Staff to make sure that the trail lines up with <br />Centerville Road as requested. <br /> <br />City Attorney Hoeft indicated that Mr. Runkle had asked him to provide the legal <br />description for the easements and he will be doing that. <br /> <br />Mr. Runkle suggested that it would be better if the City clarified the ordinance to indicate <br />that only a letter of credit is permissible because he interprets the ordinance to allow for <br />an alternative mechanism. <br /> <br />Council directed Staff to ask the Planning and Zoning Commission to review the <br />ordinance. <br /> <br />3. The Shores Pinal Plat/Developer's Aflreement <br /> <br />Mr. Rehbein indicated he had no concerns at this time. <br /> <br />Page 12 of 18 <br />