Title
Financial Guarantees Roads & Storm Water - The Gardens Phase 8 Plat 2
Body
SUMMARY: The two remaining Letters of Credit for The Gardens Phase 8 Plat 2 are nearing expiration. The developer has provided two new letters of credit with the required increase of 10% for each, and he is requesting an additional 12 months.
The new amounts are:
$108, 900 for the completion of roads
$24,200 for the completion of required storm water structures
Staff has reviewed the amounts and approves the increase.
STAFF RECOMMENDATION: Staff recommends the release of the existing letters of credit and the acceptance of the new ones with the 10% increase and a new 12 month expiration.
Recommended Action
NECESSARY PLANNING COMMISSION ACTION: Release existing letters of credit and accept new ones.