Title
The Gardens Phase 8 plat 4a - Financial Guarantee Extension/Renewal
Body
SUMMARY: The Gardens is requesting a 12-month extension on their existing Letter of Credit (LOC) for the cul-de-sac shown on Phase 8 Plat 4a. The current amount of the letter of credit is $21,219.00. With a 12-month extension the required amount is $23,340.90. This amount does include the required 10% increase.
STAFF RECOMMENDATION: Staff recommends the release of the existing LOC and acceptance of the new LOC.
Recommended Action
NECESSARY PLANNING COMMISSION ACTION: Two Motions: First, release existing letter of credit. Second, accept new letter of credit for the amount of $23,340.90.