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 than 25% of the original amount. Mr. Seneshale's engineer has requested the release of $473,183 for completed improvements within the Seneshale Addition. This amount corresponds with the estimated value of the work items so far completed.
Suggested Motion: I move to approve the partial release, in the amount of $473,183 from Standby Letter of Credit number 203567 issued by State Bank for the installation of subdivision improvements installed in the Seneshale Addition.