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m TO: <br /> <br /> FROM: <br />I DATE: <br /> <br />MEMO <br /> <br />Lloyd Schnelle, City Administrator <br /> <br />Peter R. Raatikka, City Engineer <br /> <br />February 17, 1984 <br /> <br />I RE' <br /> <br />8arthel's Rum River Acres 2nd Addition <br /> <br />I <br /> m <br /> m <br /> m <br /> m <br />I <br /> m <br /> m <br />I <br />! <br /> <br />As discussed with yourself and Mr. Kenneth Barthel, the developer <br />of the above referenced plat, on February 15, 1984 there are tw° <br />items which should be resolved. <br /> <br />Item one is the problem of holding a mortgage on the lots in Phase <br />I to guarantee the maintenance of the streets in Phase I and <br />future streets in Phase II. As discussed, at the time Phase II is <br />developed, the lots in Phase II will have a value exceeding <br />$180,000.00. The required escrow is $132,000.00. Therefore, a <br />mortgage on the lots in Phase I is not required to guarantee the <br />streets in Phase II. <br /> <br />To cover the maintenance on the streets in Phase I, we agreed that <br />Lot 3, 8lock 5, would cover that cost. The mortgage on Lot 3, <br />Block 5, can be released when all repairs during the maintenance <br />period is completed and when the developer seal coats the streets <br />or posts a four-year letter of credit in the amount of $5,000.00. <br />This seal coating was recommended in my April 26, 1983 report to <br />the City Council to compensate for the low oil content in the <br />bituminous. <br /> <br />The other item we discussed with the developer was the deadline of <br />October 15, 1984 for the construction of streets in Phase II. Due <br />to the economic situation and the slow sale of lots in Phase I, <br />Mr. 8arthel is requesting that the deadline be extended to October <br />15, 1986. <br /> <br />Please place these two items on the council agenda for the <br />February 28, 1984 council meeting. <br /> <br />m <br /> <br />m <br /> <br />CC: Mr. Kenneth Barthel, President, Barthel Homes <br />File: RA2:15-4 <br /> <br />m <br /> <br /> <br />