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CITY OF CENTERVILLE <br /> REQUEST FOR <br /> COUNCIL ACTION J`' <br /> o <br /> Agenda Item# Department: Requested Council Meeting Date: <br /> Administration 9/12/2018 <br /> TITLE OF ISSUE: <br /> Request for Release of Letter of Credit- Clearwater Creek Estates (Hanzal) <br /> BACKGROUND AND SUPPLEMENTAL INFORMATION: <br /> An initial letter of credit(LOC)was posted in 2007, to cover the costs of infrastructure for Clearwater Creek <br /> Estates and to guarantee assessment payments, since the project was completed under MN Chapter 429. The <br /> last lot in the development has now been sold. As such, all assessments for newly developed lots have now <br /> been paid and the infrastructure has long been installed and approved. Therefore, the current LOC of$10,000 <br /> can now be released in full. <br /> COST AND SOURCE(S) OF FUNDING: <br /> No cost. <br /> REQUESTED COUNCIL ACTION: <br /> Motion to approve the full and unconditional release of the Clearwater Creek Irrevocable Letter of Credit(No. <br /> 8003789/358), issued to Jeffry J. Hanzal and Laura J. Hanzal, through Village Bank. <br /> For Clerk's Use: <br /> SUPPORTED DOCUMENTS ATTACHED <br /> Motion By: <br /> Resolution Ordinance Contract Minutes Plan Map <br /> Second By: <br /> Vote Record: Ave Nay <br /> � ] King other(specify) Request for LOC Release <br /> Love <br /> Paar <br /> Koski <br /> Montain <br /> Administration Department Use: <br /> Refer to: <br /> Consent <br /> Tabled Until: <br /> Regular <br /> Other: <br /> 81 <br />