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<br /> <br /> <br />REQUEST FOR COUNCIL ACTION <br />Date: January 21, 2016 <br /> Item No.: 12 <br />Department Approval: Administrator Approval: Agenda Section: <br />Name: Mike Gaffron JML Planning <br />Title: Senior Planner <br />Item Description: <br />#15-3770/16-3797, Mulheran et al, 460 Orchard Park Road – Plat of Orchard Farms – <br />Amend Development Security <br /> <br />List of Exhibits: <br />Exhibit A. Amended Development Agreement Excerpt <br /> <br /> <br />Council approved the final plat and Development Contract for Orchard Farms via Resolution No. <br />6568 on December 14. The Development Contract included an estimated Letter of Credit (LOC) <br />amount required of $189,994.50. Since then the applicants have obtained actual bids for the <br />required improvements, which are considerably lower than the initial estimates. The City <br />Consulting Engineer has reviewed the bids and has recommended that the required LOC amount <br />be lowered to $103,458.75. <br /> <br />COUNCIL ACTION REQUESTED <br />Motion to authorize amendment of the Orchard Farms Development Contract by reducing the <br />required Letter of Credit amount to $103,458.75. <br />