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<br />This security requirement places a hardship on Ground Development. It forces Ground <br />Development to carry security well into the future years after the 3 rd Addition has been <br />approved and accepted by the City. The Security section of our agreement has become <br />punitive in requiring that Ground Development carry an additional I 0% security until the <br />very last Certificate of Occupancy is granted. <br /> <br />At this time there are _ vacant building sites in Pheasant Marsh 3'd Addition with no <br />anticipated new starts this spring. When we are in good times we tend not to think a <br />requirement such as this will have a significant impact and things will just happen in due <br />course and there will not be a negative consequence to such a concept. However in bad <br />times they become hardships. <br /> <br />Please consider my request of waiving the securitization of the conformance of the <br />ultimate builder by Ground Development. The City's building inspector has complete <br />control over the builders' conformance through the issuance of the Certificate of <br />Occupancy. This would allow Ground Development and the City to eliminate the Letter <br />of Credit and the hardship that was never intended by either party. <br /> <br />I have worked with the City for many years and have always maintained the project, paid <br />my taxes and fees, and provided a wonderful neighborhood for the community. I will <br />continue to maintain the Developer owned building sites and common areas until the very <br />last lot is sold and completed. It's only in my best interest to do so. <br /> <br />Thank you for your consideration. <br />Respectfully, <br /> <br />Steven Fiterman <br />