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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 4.12 <br />Agenda Section Meeting Date Prepared by <br />Consent Agenda February 20, 2024 Zack Carlton, Community Development Director <br />Item Description Reviewed by <br />Letter of Credit Reduction: Miske Meadows Eighth Cal Portner, City Administrator <br />Addition <br />Reviewed by <br /> <br /> <br />Action Requested <br />Adopt, by motion, a resolution reducing the Letter of Credit for Miske Meadows Eighth Addition by <br />$1,546,687.60 to the new Letter of Credit amount of $200,000. <br /> <br />Background/Discussion <br />The development agreement for Miske Meadows Eighth Addition requires a Letter of Credit on file with the city <br />as financial security for the public improvements installed with the project. The agreement states that upon review <br />of invoices outlining the work completed, the value of the letter can be reduced. <br /> <br />LGI Homes submitted a series of invoices describing the work completed during the 2023 construction season <br />and requests a reduction in the value of the current letter held by the city. City staff reviewed the invoices and <br />recommends reducing the amount of the letter to $200,000, which will cover the remaining public improvements <br />outlined in the original development agreement. <br /> <br />Financial Impact <br />None <br /> <br />Mission/Policy/Goal <br />Support the growth and development of the community <br /> <br />Attachments <br /> Resolution <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br />Updated: January 2023 <br /> <br />