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D. R. HORTON INC., - MINNESOTA <br /> 20860 Kenbridge Ct. <br /> Suite 100 <br /> Lakeville, MN 55044 <br /> <br />June 4,2002 <br /> <br />Mayor Stephanie Klinzing and <br />City Council Members <br />Ms. Michele McPherson, Director of Planning <br />City of Elk River <br />13065 Orono Parkway <br />Elk River, MN 55330 <br /> <br />Re: ORDINANCE AMENDMENT TO IMPOSE RESIDENTIAL ESCROWS <br /> <br />Dear Mayor Klinzing, City Council Members and Ms. McPherson: <br /> <br />REQUEST <br /> <br />The City Council is being asked to consider an ordinance amendment to impose residential escrows with <br />a title company, bank or other financial institution. <br /> <br />CURRENT ORDINANCE <br /> <br />As part of the requirements within the Zoning Code - Ordinance Section 900.30 Regulations on <br />Screening, Landscaping, Lighting, Storage and Outdoor Displays - 5.D., Performance Guarantee. <br />requires-- <br /> <br />"landscape improvements to be completed at the time a certificate is requested for occupancy of a <br />property -- the financial guarantee shall be in an amount equal to approximately 50% of the value <br />of the uncompleted landscape improvements -- developers who have posted a previous financial <br />guarantee in connection with the installation of public improvements shall not be required to post <br />a separate guarantee, but the financial guarantee shall remain in place in an amount equal to <br />approximately 50 % of the value of uncompleted landscape improvements until all required <br />landscape improvements are completed." <br /> <br />UNDER CONSIDERATION <br /> <br />It is being suggested that the current ordinance referenced above be deleted from the landscape area of the <br />ordinance and be expanded to include all exterior improvements such as grading, detention ponds, <br />blacktop and curbing, in addition to landscaping. <br /> <br />The escrow requirement is being proposed to appear in Section 900.38, Building Permits, Certificates of <br />Occupancy, Fees - 2.B., states -- <br /> <br />"For residential dwellings, monies equal to the value of exterior improvements not made, <br />including but not limited to, exterior finishes, grading, topsoil, concrete work, paving, seeding or <br />sodding, shall be escrowed with a title company, bank or other financial institution. The City <br />shall verify completion of said work prior to issuance of thefinal Certificate of Occupancy and <br />the release of escrowed monies." <br /> <br /> <br />