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City Administrator Norman replied that staff and RTC feel that they are very close to agreeing to <br />a sub-phase plan. They have already agreed to a dollar amount and if RTC can put that into a <br />letter of credit staff would not have a problem with allowing grading to start tomorrow, October <br />8th. That being said he noted that he would still like the Council to formalize the agreement at a <br />future meeting. <br /> <br />Assistant Director 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 />Councilmember Elvig stated that he held real strong on the issue of requiring a letter of credit <br />during the development agreement discussion and he does not mind making changes but it is a <br />massive project and they are talcing their one strong hold and reducing it. If the developers are <br />looking to reduce their amount and pass some of that cost onto the sub-developers that is <br />something that he could understand. <br /> <br />City Attorney Goodrich explained that with the sub-phase plan they would be focusing on certain <br />portions of the project at one time rather than the entire site. <br /> <br />Councihnember Elvig stated that it concerned him that it is a master planned development and <br />has always been considered one development and now they are trying to cut it into pieces. <br /> <br />City Attorney Goodrich 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 />Councihnember Zimmerman inquired if the City offers the same options to other developers in <br />the City. <br /> <br />City Attorney Goodrich replied yes, explaining that the City has allowed projects to be phased in <br />the past as well as the reduction in the amount of the letter of credit. <br /> <br />Councilmember Zimmennan 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 stated that he was in favor of reducing the amount of the letter of credit and <br />proceeding with the sub-phase phase. <br /> <br />Councilmember Elvig inquired if the sub-phase plan would have any impact on the benchmarks <br />established in the development agreement relating to the amount of commercial and residential <br />development that 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 the benchmarks. <br /> <br />City Council Special Meeting/October 7, 2003 <br /> Page 3 of 5 <br /> <br /> <br />