| | | | | | | |  | ITEM: | 4.I.
| COUNCIL MEETING DATE:
| February 25, 2016 | | SECTION: | Consent Agenda |
Description:
Approve Reduction of Various Financial Guarantees | Staff Contact:
Joan Murphy, Department Assistant | Department / Division:
Community Development Department |
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| | | | | | | | ACTION REQUESTED:
Approve reduction of various financial guarantees.
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 these developments indicates that the following actions are in order:
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1.
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Embry Place
(PC14-31-ZS)
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Cash Check No. 0256
Original Deposit on 12/10/14 $226,555.64
Reduce now to $13,000.00
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2.
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Regent’s Point
(PC13-27-ZS)
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Cash Check No. 52873
Original Deposit on 7/17/14 $41,000.00
Reduce now to $34,000.00
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3.
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Regent’s Point
(PC13-27-ZS)
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LOC #69601387
Original Deposit on 7/21/14 $839,600.00
Reduced 12/22/15 to $712,224.00
Reduce now to $167,932.00
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BACKGROUND:
N/A
BUDGET IMPACT:
N/A
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