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<br />Item 6.14. <br /> <br /> <br />MEMORANDUM <br /> <br />TO: Mayor and City Council <br /> <br />FROM: Scott Clark, Community Development Director C;V <br />DATE: October II, 2005 <br /> <br />SUBJECT: Waiver of Letter of Credit for School District <br /> <br />Action for Consideration <br /> <br />Independent School District 728 has requested a waiver to the letter of credit requirements <br />for the East Elk River Elementary School project (see attached letter dated October 10, <br />2005.). <br /> <br />Background <br /> <br />Approximately two years ago the Building Division instituted a policy that any new building <br />permit ( except single family residential) requires a letter of credit to ensure that minor site <br />issues are corrected, e.g. finalizing landscaping plans, internal sidewalks, other physical <br />improvements, grading corrections, etc. The letter of credit was established as the source of <br />remedy since the other leverage tool for corrections, a certificate of occupancy, is viewed as <br />tying back to building deficiencies, not site issues. The letter of credit is calculated at 3% of <br />building value up to a maximum of $50,000. It is the intention of the staff to bring this letter <br />of credit requirement to the Council at a future date to formalize it as part of the Zoning <br />Ordinance. <br /> <br />Recommendation <br /> <br />Since this is an internal policy, a simple motion by the Council provides necessary <br />direction to staff and no findings or resolution is necessary. <br /> <br />S:\PLANNING\Scott Qark\ Waiver of LOC for School District.doc <br />