HomeMy WebLinkAboutA039 - Memo to Finance Director dated March 28, 2008 - return of escrow for Cedar Lane paving e
Memo
Public Works Department
Caring People
Quality Programs �(� N
Exceptional Service • O#ter WM���
APPRO = DATE 10
ACC NT NO. OJECT AMOUNT
TO: Duane Pitcher, Director of Finance.
7 Qxc< -120f, kd 3 $ lo k S
FROM: John Joiner, P.E.; Director'-�G"')
CC: Steve Schainker, City Manager 4�
Bob Kindred, Assistant City M
Doug Marek, City Attorney --
Steve Osguthorpe, Director of Planning and Housing $
Tracy Warner, P.E.; Municipal'Engineer
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DATE: March 28, 2008
SUBJECT: Return of escrow for Cedar Lane �7#
The development agreement for Phase 2 Suncrest Subdivision included a provision for
the collection of payment for the probable future costs of paving one lane of Cedar Lane
and sidewalk along the east right-of-way of Cedar Lane. The total amount for these
improvements was designated as $77,812.50. To meet this obligation, the agreement
provided that a pro rata share for each of the 36 developable lots in the amount of
$2161.46 would be made at the time of sale for each lot. All payments have been made
for each of the 36 lots.
These said Cedar Lane paving improvements have been constructed as a part of the
Ringgenberg Park Subdivision. The sidewalk is under contract but has not yet been
constructed. The value of this uncompleted sidewalk is $ 282.
Scott Renaud, on behalf of the developer, has requested payment of the escrow funds,
with the value of the sidewalk being withheld by the City. The Ringgenberg Park
Subdivision development agreement provides that the funds collected, as noted above,
shall be disbursed to the developer, Friedrich Land Development Company, L.L.C.
Please proceed with payment of$68,530.50 ($77,812.50 - $9,282.00) as called for in the
development agreement.
Enc.