RES 24-11City of
Elk —
River
City of Elk River
City Council
Resolution 24-1 1
A Resolution of the City Council of the City of Elk River Reducing the Value
of the Letter of Credit for the Public Improvements in Miske Meadows
Eighth Addition
WHEREAS, On June 6, 2022, the City Council adopted resolution 22-30 approving the
final plat of Miske Meadows Eight Addition and they approved a development agreement
outlining the standards for installation of the public improvements along with the
appropriate financial security; and
WHEREAS, the approved development agreement required a letter of credit equal to 100
percent of the cost of public improvements; and
WHEREAS, on September 14, 2022, Wells Fargo Bank, N.A. provided irrevocable
standby Letter of Credit number IS000315499U in the amount of $1,746,687.60 as financial
security for the public improvements constructed with the plat of Miske Meadows Eight
Addition; and
WHEREAS, on January 29, 2024, the developer, LGI Homes -Minnesota, LLC, submitted
invoices documenting the work that has been completed on the Miske Meadows Eight
Addition development and requested a reduction to their letter of credit; and
WHEREAS, city staff have reviewed the invoices and support the request to reduce the
value of the Letter of Credit held by the city.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River, Minnesota, as follows: Wells Fargo Bank is authorized to reduce irrevocable Letter of
Credit number IS000315499U by $1,546,687.60 to the new Letter of Credit amount of
$200,000.
Passed and adopted this 20t' day of February 2024.
ATTEST:
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/ Tina Aid, City Clerk
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D etz, Mayor
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