ACTION REQUESTED:
Approve reduction of financial guarantee.
SUMMARY:
The City holds numerous financial guarantees to ensure the installation of certain improvements in new developments, as well as to assure protection of natural resources. Staff review of the status of this development indicates that the following action is in order:
1.
Quarry Ponds Second Addition
(PC15-18-F)
LOC #805096937
Original Deposit on 6/18/15 $226,500.00
Reduced 12/22/15 to $50,000.00
Reduce now to $14,000.00
BACKGROUND:
BUDGET IMPACT: