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City of <br /> Pe ?not AGENDA ITEM #10.1 <br /> La.�.es <br /> REPORT TO <br /> CITY COUNCIL <br /> Date: February 4, 2008 <br /> Subject: Trailside Estates Update <br /> Report: Attached is some background material on this <br /> issue. The City has been working with the developer in an <br /> �-- attempt to collect payment of past due expenses in the <br /> amount of$11,764.38. <br /> At the January Council meeting the Council requested staff <br /> to notify the developer that he had a certain period of time <br /> to respond to the City in regard to paying the past due <br /> expenses. The developer did respond and indicated that he <br /> would be unable to pay until something sells in the <br /> development. One issue the Council should be aware of is <br /> that the bond the City is holding is a warranty bond, not a <br /> performance bond. The City has a letter into the bonding <br /> company indicating that this bond does not meet the <br /> requirements of the developer's agreement. <br />