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100% Paid by Developer <br />Developer 100% 100% 100% 100% 100Z <br />City < N0 RISK ...... > <br /> <br />Recommendation: <br /> <br />The City Council is now asked to determine the appropriate amount of escrow <br />required to be provided by the developer (Flintwood Yenture Company) and its <br />principals, Elizabeth J. Raudio and N.C., Inc. (Norman D. Holm is a principal <br />in N.C., Inc.). Personal pledges of Mrs. Raudio and Mr. Holm will be obtained <br />in addition to the letter of credit for the escrow. <br /> / <br /> Council Action: ~ ~~ <br /> <br /> Notion to Require a letter of credit in an amount equal to ~ % of the <br /> cost of improvements as one of the terms of the developer's agreement for <br /> Flintwood Hills III A~idition. <br /> <br />Notion to adopt Resolution ~86-__ awarding the contract for site <br />improvements, utilities and street construction in Flintwood Rills III <br />Addition to Wydmer, Inc. contingent upon the developer entering into a <br />development agreement with the City. <br /> <br /> <br />