Consideration to Release a Portion of the Seneshale Addition Standby Letter of Credit
A portion of the improvements within the Seneshale Addition have been completed and inspected by the Development Services Department. In accordance with the Subdivision Ordinance and the approved Subdivision Improvement Agreement for this subdivision, at any time after the satisfactory completion of construction of all or any public improvements, their final inspection and approval by the City Engineer, the subdivider may request release of the corresponding portion of the subdivision guarantee, provided that at no time shall the guarantee be reduced to less that 25% of the original amount. Mr. Seneshale's engineer has requested the release of $163,346 for completed improvements within the Seneshale Addition. This amount corresponds with the estimated value of the work items so far completed. The release of this portion does not grant the City ownership and maintenance of the improvements. City acceptance of ownership and maintenance of the improvements will not occur until final acceptance of all subdivision improvements installed and approved by the City Engineer and all items provided within the Subdivision Improvement Agreement have been satisfied.
Suggested Motion: I move to approve the partial release, in the amount of $163,346 from Standby Letter of Credit Number 203567, issued by State Bank for the installation of subdivision improvements installed in the Seneshale Addition.