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ORONO CITY COUNCIL MEETING <br />MINUTES FOR MARCH 8, 1999 <br />• ( #3) #2308 BROOK PARK REALTY, 3760 SHORELINE DRIVE - Continued <br />Moorse said staff has been talking about other options for financial security including putting <br />funds in escrow rather than a letter of credit. <br />Jabbour asked if it could be a liability of the homeowners'. association. <br />Barrett said staff has discussed it, but the homes would have to be sold with a built -in waiver <br />of assessment appeal. <br />Gleason said it would be difficult to sell the homes that way. The developers are willing to set <br />the money aside, but there should be a time limit set and either the road is built or the City <br />takes the money. <br />Jabbour asked if the developer and the other Council members would approve escrowing <br />100% of the value of the road for five years. If the road has not been built, the City would <br />keep the money and the developer would no longer be responsible for building the road. <br />Gleason said that would be acceptable. <br />The Council members indicated this was acceptable to them. <br />• Gleason asked if the Council would allow them to build a model home building prior to the <br />road improvements being completed. <br />0 <br />Jabbour asked if staff had any problems with the model home being built. <br />Van Zomeren said staff did not have a problem with it, but wanted to know which building the <br />developer wanted to use as the model home. <br />Gleason said it would be the one closest to Livingston. <br />Sansevere arrived at 8:00 p.m. <br />Jabbour said he could approve the model home closest to Livingston. <br />Kelley asked if construction of the model home would be started after final plat approval. <br />Gleason said the model home would not be started until the final plat has been approved and <br />recorded and the letters of credit are in place. <br />Flint referred to page 6 of the subdivider's agreement. He questioned whether "50% of the <br />cost" on the third line should be 150 %. <br />Page 7 <br />