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<br /> <br />tervi((e <br />'Esfa6{ishea 1857 <br /> <br />STAFF REPORT <br />CENTERVll..LE CITY COUNCIL <br /> <br />Date: <br /> <br />June 23, 2004 <br /> <br />To: <br /> <br />Honorable Mayor and City Council Members <br />Ms. Kim Moore-Sykes, City Admini~trator <br /> <br />From: <br /> <br />EDen Paulseth, Finance Director <br /> <br />Re: <br /> <br />Letter of Credit in the Amount of $103,725 <br />Pheasant Marsh Phase n <br /> <br />************************************************************************ <br /> <br />The letter of credit securing the private improvements in the Pheasant Marsh Phase II <br />development is scheduled to expire on June 30, 2004. The developer, Dale Runkle, has <br />requested a reduction in the amount of the letter of credit because some of the items have <br />been completed. <br /> <br />Four lots have sod installed and the signage on the project is complete. Mr. Runkle, City <br />Engineer Tom Peterson, and Public Works Director Paul Palzer have reviewed the <br />progress and have arrived at the amount of$80,175. This amount should be adequate to <br />cover the remaining obligations. The list of private improvements from the developer's <br />agreement is attached to this memo. <br /> <br />A resolution is attached for your consideration. <br />