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requiring a letter of credit. In a memo dated September 29, 2003, the RTC made a formal request <br />for alternative security arrangements as provided for under Article 12.4. Mr. Norman explained <br />that staff has taken a very strong position with RTC that they did not want to leave the letter of <br />credit option. Staff has met with RTC and they have agreed to break the project into sub-phases <br />so that it makes the project more affordable for the developer, but still allows the City to require <br />the letter of credit. <br /> <br />City Attorney Goodrich explained that it has been determined that a letter of credit will be <br />required, but they were still trying to determine the amount of that letter of credit. At this point <br />there was no action required by the City Council since staff was following the development <br />agreement that was approved by the City Council. <br /> <br />City Administrator Norman stated that the purpose behind the letter of credit is that they don't <br />want to overexpose the City if the developer's performance does not take place. He noted that <br />the Council might need to take some action agreeing to the sub-phase plan at a future meeting. <br /> <br />City Attorney Goodrich explained that staff would like to come up with a formula that the <br />Council could agree to so that staff would not have to come back to the Council to approve the <br />amount each time there is a letter of credit required. <br /> <br />Councihnember Cook inquired if they would be requiring a smaller letter of credit that would be <br />moved to the next phase after another phase is completed. <br /> <br />City Administrator Norman replied yes. He explained that instead of grading the entire site at <br />once they would start grading the area east of Rhinestone between C.R. #116 and the rail road <br />tracks and then move to the west in phases. <br /> <br />Councihnember Cook inquired if staff is working on a streamlined process for the secondary <br />developers development agreements so that the process can move along in the same kind of <br />fashion. <br /> <br />City Attorney Goodrich explained that the process would be the same with the secondary <br />developers consistent with the RTC development agreement and City ordinances. <br /> <br />Councilmember Cook stated that the process with the secondary developers would have to be <br />somewhat different because there are some things that are addressed in the master development <br />agreement. <br /> <br />City Attorney Goodrich replied that that was correct. <br /> <br />Councihnember Cook stated that they should work on streamlining the process with the <br />secondary developers to keep the process going smoothly. He inquired as to how quickly staff <br />anticipated having a sub-phasing plan completed. <br /> <br />City Council Special Meeting/October 7, 2003 <br /> Page 2 of 5 <br /> <br /> <br />