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<br />21Shs proposal for release of the $133,000.00 Letter of Credit raises issues that include <br />the following: <br /> <br />1. Securing the required improvements that are incomplete. <br /> <br />2. Delay in installation of the Plat's landscaping improvement, and thus <br />inoreased cost over time due to inflation <br /> <br />3. Piecemeal installation of the landscaping within the Plat. <br /> <br />4. Precedent for other developers to not post the required escrow at the time the <br />final Plat is released. <br /> <br />5. Difficulty in collecting the escrow at the time of building permit issuance, <br />especially from a landowner who may have failed to recognize this <br />requirement or an existing landowner having no knowledge of this <br />amendment/requirement. <br /> <br />21st believes its proposal is a practical solution to a difficult problem. Everyone is aware <br />of the current condition of the residential home market and therefore to force 2151 to <br />maintain the $133,000.00 Letter of Credit for an indefinite period of time, waiting for the <br />residential home building. market to turn around, is unfair. <br /> <br />Staff bel,ieves that an alternative solution may be to require 21st to replat certain areas of <br />the Plat to Outlots, and thus allow for the release of the existing securities conditioned <br />upon completing the traUs, grading, and punch list items. When an application comes <br />before the City at a later date! for the development of the Outlots, new securities would <br />be required based upon the proposed improvements. <br /> <br />Council Action: <br /> <br />Council is being asked to consider 2 Ft 's proposal and direct staff accordingly. <br /> <br />Reviewed by: <br /> <br />g~ ~=~trator ~ t:.. ~ <br /> <br />CCWS: <br /> <br />10/07/08 <br /> <br />-2- <br />