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#2425 Rebers/Sen'ice 800, Inc. <br />December 10,1998 <br />Page 3 <br />Staff Recommendation <br />1) Park Fee: (See related agenda item) <br />2) Security for Future Road Construction: Discuss this issue with the applicants and consider <br />whether a) it is appropriate to require security for a project that has been neither designed nor <br />scheduled, and b) whether some other format to provide such security might be appropriate. <br />COUNCIL ACTION REQUESTED: <br />Reach a conclu^* . regarding tl.e administration of the commercial/industrial park fee ordinance, <br />and advise appiiC.-^ t of *he conclusion. <br />Discuss the issues surrounding the future road. <br />If Council wishes to look at alternatives, consider the following option: <br />- The current property owner would waive their right to appeal the assessment up to the <br />$51,162 dollar amount, with an annual inflation factor. Any amount above this would appealable <br />if the future assessment exceeds this amount. Tie this waiver to the property, not just »his owner, by: <br />1) Establishing an agreement that any fuUire buyer must formally agree to the same waiver <br />condition; or <br />2) At the time the property is sold, seller provide to the City an escrow or letter of credit for <br />150% of the $51,162 (inflated) amount.