HomeMy WebLinkAbout2003-009 & 019 Sum 6201 Lilac Drive NorthMEMO
To: Michael J. McCauley, City Manager
From: Ronald A. Warren, Planning and Zoning Specialist
Subject: Site Performance Guarantee Releases
Date: July 5, 2005
The following site performance guarantees being held by the city for completion of various site improvements should be recommended to the City Council for release:
Crossing at Brookwood (6201 Lilac Drive North)
Planning Commission Application No. 2003-009
Amount of Guarantee - $5,000 (Cash Escrow)
Obligor – LaNel Crossings, LP
All of the site improvements and conditions for which a performance guarantee was posted have been installed and completed for this 2003-2004 project. The project involved a 19,070
sq. ft. two story addition including eight new apartment units at 6201 Lilac Drive North.
The City Council on April 25, 2005 authorized reduction of the original $20,000 cash escrow to $5,000 based on the completion of work to that point. The $5,000 has been held for a final
review of landscaping and it is recommended that the financial guarantee be released in its entirety based on the viability of landscaping and completion of the project.
Global Hennepin County Properties, LLC (2000 Freeway Boulevard)
Planning Commission Application No. 2003-019
Amount of Guarantee - $35,000 (Certificate of Deposit)
Obligor – Global Hennepin County Properties, LLC
All site improvements and conditions for which a site performance guarantee was posted have been completed with respect to this 2003-2004 project.
The City Council on August 23, 2004 authorized reduction of the $200,000 performance guarantee being held to $35,000 pending review in the Spring 2005 of the viability of landscape improvements.
The landscape improvements have proved to be viable and all conditions related to this project have been satisfied. It is recommended that the City Council authorize release of the
remaining $35,000 based on completion of this project.