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I <br />I <br />I <br /> <br />I <br /> <br />! <br />! <br />! <br />! <br />! <br /> <br />5 Minutes <br /> <br />CASE ~7: <br /> <br /> 0AKRIDGE INDUSTRIAL PARK ESCROW <br />FOR SANITARY SEWER A_ND WATERM~IN <br />By: Pete Raatikka, City Engineer <br /> <br />Background: <br /> <br />The City's independent public accountant Pannell Kerr Forster has reviewed the <br />personal financial statements submitted by Mr. Joseph Sentyrz. Based on Mr. <br />Sentyrz' financial position and the size of the project ($30,300), they <br />recommended the minimal escrow of 20%. <br /> <br />Article 170.039D of the City Code states that the final escrow amount shall be <br />determined by the City Council in conjunction with its independent public <br />accountant. City Code requires an escrow between a minimum of 15% cash or <br />20% letter of credit to a maximum of 100% for developments financed by the <br />City. <br /> <br />Enclosed is the letter from Pannell Kerr Forster recommending the minimum <br />escrow. <br /> <br />Recommendation: <br /> <br />Council Aation: <br /> <br />Motion to: <br />Accept the recommendation of the City's independent public accountant and <br />require Mr. Joseph Sentyrz to post the minimum escrow of a 20% letter of <br />credit for the proposed sewer and water construction in Oairidge <br />Industrial Park. <br /> <br />Review Checklis+- <br /> <br />Administrator X <br />Attorney <br />Engineer X <br />Community Development Director <br /> <br />Chief of Police <br />Finance Officer <br />Pub!zc Works Superintendent <br />Other <br /> <br /> <br />