7.13. SR 01-23-1995 - Laserfiche WebLink

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e e e ~ 'd We have a number of examples where this has happened, the most recent of which is Tailwind Trailers. 'We also have some experience with the results we can obt~in when we do have a financial guarantee. Towards the end of the Deerfield project we requ~red Jerry Smith to post a letter of credit guaranteeing he would install some required retaining walls. Because we had the letter of credit, the retaining wall work was done. I believe that a provision such as this can be administered in a way that will not be unduly burdensome on applicants. For instance, developers who are posting letters of credit or other financial guarantees for public improvements should not need to post an additional guarantee for landscaping, because if the improvements are not installed we won't need the landscaping. I would suggest that landscaping improvements be added to the things the developer is committing to do, but that the size of the letter of credit not be increased. Following installation of the public improvements the City would retain a small amount of the security pledged until all landscaping improvements were completed also. This should not be much of a burden on the developers. Other land use applicants (for instance, applicants for conditional use permits) would be required to post a new financial guarantee. However, I believe the benefits to the City of requiring a small guarantee to ensure completion of the land~caping improvements outweighs any burden on these applicants. The benefit to the City will be a substantial savings in attorneys fees to pursue applicants who fail to install landscaping improvements. I will be at the Council meeting on January 23, 1995 and would be glad to answer any questions or discuss this recommendation further. PKB:JN8s 9~:~l S66l'6l'l0 S9~~968-~l9 H3~9aHll ^l~a H~W~~OH HI~~~l wo~~