Title
The Gardens Phase 8-4 Cul-de-sac - Financial Guarantee extension
Body
SUMMARY: The Developer of The Gardens is requesting an extension of the financial guarantee for the cul-de-sac located at the end of Phase 8-4. They are increasing the amount by the required 10% and wishing to extend the agreement by another 12 months. The new letter of credit is in the amount of, $21,219.00
STAFF RECOMMENDATION: Release existing LOC and Approve and accept the new guarantee.
Recommended Action
NECESSARY PLANNING COMMISSION ACTION: Two Motions: First, release the existing financial guarantee, letter of credit. Second, accept the new financial guarantee, letter of credit.