Title
The Gardens Phase VIII-3 cul-de-sac - Financial Guarantee Renewal
Body
SUMMARY: The Gardens is proposing to extend their financial guarantee for another 12 months. The current letter of credit is in the amount of $8,985.00. The new one will include a 10% increase for a total of: $9,883.50.
STAFF RECOMMENDATION: Release the existing LOC and accept the new one, extending their agreement by 12 months.
Recommended Action
NECESSARY PLANNING COMMISSION ACTION: Two Motions: Release the existing letter of credit in the amount of $8,985.00. Accept new letter of credit and agreement in the amount of $9,883.50.