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CASE <br /> <br />RELEASE OF NORTHFORK PUD FINANCIAL GUARANTEES <br /> By: Mark S. Banwart, Community Development Director <br /> <br />Background: <br /> <br />In September of 1985 the City of Ramsey entered into a development agreement with North Fork, <br />Inc. for the first addition of the Northfork PUD. This agreement required the following financial <br />guarantees: <br /> <br />Stage One Improvements <br />Stage Two Improvements <br />Maintenance Bond <br /> <br />$123,750.00 <br />$ 18,300.00 <br />$ 10,000.00 <br /> <br />The Stage One Improvement guarantee was reduced to $50,000.00 on April 30, 1987 (see attached <br />letter). As the attached copy of the subdivision bond shows, the amount of the bond was pledged <br />to cover the entire Stage One Improvements for the Northfork PUD. The development agreement <br />indicates that the financial guarantee was intended to cover the 1st Addition of Northfork only and <br />not the entire PUD. This indication is further supported by the City requiring additional financial <br />guarantees for Stage One Improvements in the Northfork PUD. <br /> <br />Recommendations: <br /> <br />Based upon the attached letter from Hakanson Anderson Associates, Inc. accepting the streets as <br />conforming to the City's standards, City Staff would recommend that the City release the above <br />mentioned subdivision bond. <br /> <br />Council Action: <br /> <br />Motion to adopt Resolution #89-10- <br />Northfork PUD. <br /> <br />releasing Subdivision Bond Number C 524100 for the <br /> <br />Review Checklist: <br /> <br />City Adrrfinistrator <br />CiD, Attorney <br />Cin., Engineer <br />Community Development Director <br /> <br />Chief of Police <br />Finance Officer <br />Public Works Supervisor <br />Other <br /> <br />X <br /> <br /> <br />