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I <br /> <br /> Motion by (--/'(?/"~) '. and seconded by ~'" .~.. to adopt Resolution #$4- <br /> authorizing the preparation of plans and specifibations for MSA street improvem'~nt <br /> I of 14( <br /> Motic <br />I -and- <br /> Motic <br /> autho <br />I st orm <br /> <br />I Motic <br /> e) C <br /> row a <br /> folio' <br />I <br /> <br /> cordir <br /> ~lic ~ <br /> ~t the <br /> cost of <br /> for ale <br /> I develo~ <br /> <br /> Deloitte <br /> based o~ <br /> i~ rove: <br /> <br />  C~ m~l <br /> <br /> ~"~ C~ [e ex <br /> <br /> '~-,<~ Jof credi <br /> "...'~" mitt~ <br /> <br /> · <%,' ~ whic' <br /> , ~'~ k Rive: <br /> <br />of 149th Avenue NW. Please refer to resol.ution f;L[e for Resolution #84- .L <br /> <br />Motion carried. Voting yes ~,~-~j~ . Voting no.~J~r~- <br /> t ,' !1'", <br />Motion by ~,,,'~.i~,J, and seconded by to adopt Resolution <br />authorizing the preparation of plans and specifications for lateral sanitary sewer, <br />storm drainage and streets. Please refer to resolution file for Resolution #84,- <br /> <br />Motion carried. Voting yes . Voting <br /> <br /> City auditor's review of developer's financial position and establishment of <br />escrow account for Stage I development of River's Bend plat - Enclosure (D~--h) contains <br />the following for your review in acting on thiScase: <br /> <br /> Excerpt of Deloitte, Haskins and.'S~lls', City Auditors, review of the River's <br /> Bend developer's financial position:-: Paragraph B has been excluded, as <br /> it states the two general partnert net worth. However, the original DH&S <br /> financial review of the River's Bend developers is on file for Council and <br /> citizen review. <br /> <br /> Section ~170.039D of the City Code - This section of the City Code requires <br /> that the-City auditor perform a financial review of the developer's financial <br /> position. <br /> <br /> Proposed resolution - This is a resolution establishing the developer's escrow <br /> amount as required by Section 170.039D, Subparagraphs 3 and 4. <br /> <br />Accordingly, Section 170.039D requires the Council, in conjunction with the Independent <br />Public Accountant, to establish the developer's escrow amount. It should be noted <br />that the minimum amount for a cash deposit escrow is 15% of the engineer's estimated <br /> of installing the Stage I development improvements and the minimum amount <br />for a letter of credit is 20% of the engineer's estimated cost of installing the State <br />I development improvement. <br /> <br />Deloitte, Haskins and Sells has recommended minimum letter of credit in their report, <br /> on the City Engineer's estimated cost of installing the Stage I development <br />improvement. <br /> <br />Council Action: Your action will be to review the contents and recommendation <br />of Deloitte, Haskins and Sells' report in conjunction with the contents of the City <br />Code excerpt contained in the above enclosure and establish the percentage amount <br />for the letter of cr'Edit for the River's Bend developer (minimum amount for letter <br />credit is Z0%)..:'The engineer has estimated the cost of installing the Stage I <br />development improvement at $1,303,303.20. The following proposed motion is hereby <br /> submitted for your consideration: <br /> " d > ~ '/1 <br /> _./- <br /> MOtion by and seconded by _, ¢/' ¢'/.. to adopt Resolution ¢84- <br /> which est'ab'~ishes, the percentage of escrow ~-m--~unt for the letter of credit 'for <br /> River's Bend plat improvements. Please refer to resolution file for Resolution <br /> <br />Motion carried. Voting yes :Cf.-- <br /> <br /> <br />