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^ ^ arThe City of Orono City Council approved the Final Plat of Old Crystal Bay Road Addition, which contained a condiUon that the subdivider would post a letter from its lender relating to the use of certain loan proceeds available for. among other ihings. the construcUon of the public iirprovemenu associated with the Tandem Properties project. <br />After review by the City’s Attorney, the letter was found to be insuffidcnU because <br />acceptable arrangements could not be worked out with subdivider’s lender. Subdivider <br />proposed to post a $300,000 irrevocable letter of credit, a payment and performance bond <br />securing the work of the construction contractor to complete the public improvements in <br />accordance with plans approved by City and City’s En^neer, pursuant to an approved <br />construcUon contract, and a $15,000 irrevocable letter of credit and a warranty letter of credlu <br />each to be delivered after construcUon b complete to secure any defecu In Ute work <br />comprising die public improvements, which Staff has found to be acceptable. <br />These provisions have been incorporated In the Subdivider’s Agreement. Because the form of <br />security has changed from that approved in ResoluUon No. 3427, we have brought this matter <br />before the Council for iu approval, in accordance with applicable City Municipal Code <br />provisions. <br />. j,. <br />.tsask.