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The obvious downside of requiring the financial security is that it increases the overall cost of <br /> the development and adds to the complexity of the review process. While in and of themselves <br /> these are not reasons to forgo a bond,they should be a consideration when determining whether <br /> or not to require a security and, if so,how much. There is no need to add costs to a project if we <br /> are otherwise assured performance. <br /> We request that the Planning Commission discuss this item and provide some direction to staff. <br /> We will then draft a formal policy on interpreting what a "required improvement" would be so <br /> that we have that for all new subdivisions. <br /> City of Pequot Lakes Staff Report 4_2 <br /> May r7,200'7 <br />