Resolution #22-206 Approving Riverstone South Partial Financial Security Reduction

The City of Ramsey and Riverstone Development, LLC entered into a Development Agreement associated with the Riverstone South Final Plat.  The agreement establishes terms and requirements the Developer must satisfy as part of final plat approval.  Specific to this case, the agreement requires financial security to be provided to the City to ensure improvements are made.  Language within this agreement prevents reduction of such security until after both Stage I and Stage II improvements are complete.  Historically and consistently, the City has reduced the security amount as improvements are made.  Typical language historically used for Development Agreements allowed such reductions without approval of the City Council.

The City has received a request to reduce the financial security amount based on improvements completed to date.  Staff has inspected such work, reviewed the request and supports the reduction of a Letter of Credit held by the City.  After the requested reduction, the City would still retain sufficient financial security to cover remaining work yet to be completed and cover warranty amounts as required within the Development Agreement.

The attached resolution would grant the reduction, and establish the more typical efficient process for future reductions for this development.

No notification is required.

Staff recommends approval of Resolution #22-206.

Motion to adopt Resolution #22-206.