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City of <br />Elk — <br />River <br />City of Elk River <br />City Council <br />Resolution 24-1 1 <br />A Resolution of the City Council of the City of Elk River Reducing the Value <br />of the Letter of Credit for the Public Improvements in Miske Meadows <br />Eighth Addition <br />WHEREAS, On June 6, 2022, the City Council adopted resolution 22-30 approving the <br />final plat of Miske Meadows Eight Addition and they approved a development agreement <br />outlining the standards for installation of the public improvements along with the <br />appropriate financial security; and <br />WHEREAS, the approved development agreement required a letter of credit equal to 100 <br />percent of the cost of public improvements; and <br />WHEREAS, on September 14, 2022, Wells Fargo Bank, N.A. provided irrevocable <br />standby Letter of Credit number IS000315499U in the amount of $1,746,687.60 as financial <br />security for the public improvements constructed with the plat of Miske Meadows Eight <br />Addition; and <br />WHEREAS, on January 29, 2024, the developer, LGI Homes -Minnesota, LLC, submitted <br />invoices documenting the work that has been completed on the Miske Meadows Eight <br />Addition development and requested a reduction to their letter of credit; and <br />WHEREAS, city staff have reviewed the invoices and support the request to reduce the <br />value of the Letter of Credit held by the city. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, as follows: Wells Fargo Bank is authorized to reduce irrevocable Letter of <br />Credit number IS000315499U by $1,546,687.60 to the new Letter of Credit amount of <br />$200,000. <br />Passed and adopted this 20t' day of February 2024. <br />ATTEST: <br />� ] I <br />/ Tina Aid, City Clerk <br />I,- � <br />D etz, Mayor <br />J# J. <br />lIIEAEI it <br />�rIA TUBE <br />