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<br />Mr. Dorn stated that this money belongs to Bright Keys and they can use the money to complete <br />the trails if they can get out of the Development Agreement. . He stated that the big issue is the <br />$133,000 letter of credit that is in place; the townhomes are constructed, the landscaping has to <br />be completed. He stated that you cannot just sell one lot for these, and there will be private <br />covenants, so people buying will know they need to escrow funds before they get a building <br />permit. <br /> <br />City Attorney Goodrich stated that the issue the Council needs to address is whether they feel a <br />precedent may be established if this is allowed. <br /> <br />Mr. Dorn outlined why he did not feel a precedent would be set. <br /> <br />Councilmember Elvig stated that he will have to abstain from voting on this issue because he has <br />done some work on this development. He stated that one of the things that strikes him is that <br />banks are not developers and cannot be, so they have to sit on the property until someone wants <br />to take it from them. He sees the gestures of $71,989 as complimentary and that with the <br />economy like it is, he knows banks are struggling. <br /> <br />Mayor Gamec stated that he thinks it would be great to get the trail done and credit for grading, <br />so those are the main things that should be taken care of. He stated that the main thing he would <br />look at is to make sure the understanding is that if another developer comes in, this would be put <br />back in. <br /> <br />City Attorney Goodrich stated that it would be put back in incrementally, as it is sold. <br /> <br />Assistant City Engineer Himmer stated that the $133,000 is for landscaping, overall. He stated <br />that there are some issues, like boulevard trees and plantings around the foundation that have <br />landscaping that is not complete. <br /> <br />Mr. Dorn asked if those costs can be established, because they would be willing to leave some of <br />money in place to cover those costs. <br /> <br />Assistant City Engineer Himmer stated that this can be established and noted that if this was put <br />as an outlot, no security would be needed because there is no development. <br /> <br />Councilmember Dehen asked what the downside would be to the outlot concept. <br /> <br />City Attorney Goodrich stated that there would be no downside to the City, but it would be to the <br />developer. <br /> <br />Mayor Gamec asked why the City couldn't go along with the $133,000 and extend the platting. <br /> <br />City Attorney Goodrich stated that the final plat has been recorded and the streets have been <br />built. He stated that it would take away quite a bit of effort that has already been done. <br /> <br />City Council Work Session / October 7, 2008 <br />Page 2 of 14 <br />