Committee recommends partial escrow release for 146 Marion Ave development

Staff told the committee that the development at 146 Marion Ave has the homes constructed and certificates of occupancy in place, but some minor land‑development punch‑list items remain — primarily roadway restoration, sidewalk apron work and small asphalt patches. Because the escrow is a letter of credit rather than a cash escrow, staff recommended notifying the bank to reduce the letter of credit amount by $32,000 while retaining a balance to secure remaining work.

"We previously released $72,000, and then recommended by this release is another 32,000 which will yield a balance of $23,269.63," staff said. The committee recommended the escrow reduction 3–0 with the expectation staff will authorize final closure when remaining items are finished, likely within about two months.