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City Administrat~Sr Norman replied that staff and RTC feel that they are very close to a~eeing to <br />a sub-phase plani They have already agreed to a dollar amount and if RTC can put that into a <br />letter of credit st.aff would not have a problem with allowing grading to start tomorrow, October <br />8tI'. That being s~aid he noted that he would still like the Council to formalize the agreement at a <br />future meeting. : <br /> <br />Assistant Directo~r of Public Works Olson explained that RTC would post a letter of credit and as <br />a section is completed they would move the letter of credit to the next phase. <br /> <br />Councihnember ~Elvig stated that he held real strong on the issue of requiring a letter of credit <br />during the development a~eement discussion and,he does not mind making changes but it is a <br />massive project ~nd they are taking their one strong hold and reducing it. If the developers are <br />looking to redu{e their amount and pass some of that cost onto the sub-developers that is <br />something that h~ could understand. <br /> <br />City Attorney G°~odrich explained that with,.l;he sub-phase plan they would be focusing on certain <br />portions of the p~oject at one time rather than the entire site. <br /> <br />Councilmember-Elvig stated that it concerned him that it is a master planned development and <br /> I . <br />has always been ~cons~dered one development and now they are trying to cut it into pieces. <br /> <br />City Attorney Gpodrich replied that because of RTC's inability to provide the letter of credit in <br />the amount needed to complete the entire site at once the developer has to make some changes. <br /> <br />CouncihnemberZimmerman inquired if the City offers the same options to other developers in <br />the City. <br /> <br />City Attorney G~podrich replied yes, explaining that the City has allowed projects to be phased in <br />the past as well fi.s the reduction in the amount of the letter of credit. <br /> <br />Councilmember Zimmerman inquired if secondary developers will be required to post a letter of <br />credit as well. <br /> <br />Assistant Public:Works Director Olson replied yes. <br /> <br />Mayor Gamec ~tated that he was in favor of reducing the amount of the letter of credit and <br />proceeding with~the sub-phase phase. <br /> <br />Councilmembml Elvig inquired if the sub-phase plan would have any impact on the bencl-unarks <br />established m t~e development agreement relating to the amount of commercial and residential <br />development their has to occur at the same time. <br /> <br />City Administrator Norman replied that he did not believe that the sub-phasing plan would have <br />any impact on tl)e benchmarks. <br /> <br />City Council Special Meeting/October 7, 2003 <br /> Page 3 of 5 <br /> <br />-43- <br /> <br /> <br />