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CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Requested Council Meeting Date: <br />Agenda Item # Department: <br />Administration <br />VII.4 <br />TITLE OF ISSUE: <br />Bayview Villas Letter of Credit Reduction Request <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br />The developer of Bayview Villas has requested a reduction to their Letter of Credit for the public <br />improvements. To date, the sewer, water, and stormwater systems as well as the streets, with the exception of <br />the final lift of bituminous are complete and largely acceptable. Some funds will be retained in the LOC to <br />cover small portions of the work which are not yet ready for acceptance. <br />Attached is the developer's request, along with an analysis of the request by the city engineer. <br />COST AND SOURCE(S) OF FUNDING: <br />No direct cost. Consideration of reducing the city's security for the project. <br />REQUESTED COUNCIL ACTION: <br />Motion to approve a reduction in the developer's letter of credit for public improvements. <br />SUPPORTED DOCUMENTS ATTACHED <br />Motion By: ____________________________________ <br /> Resolution Ordinance Contract Minutes Plan Map <br />Second By: ____________________________________ <br />Vote Record: Aye Nay <br /> _____ <br />_____ <br />Developer's request. City Engineer's analysis <br />Other (specify) ____________ <br /> _____ _____ Love <br /> _____ _____ Paar <br />_______________________________________________________________ <br /> _____ _____ Koski <br /> _____ _____ Montain _______________________________________________________________ <br />Administration Department Use: <br />Refer to: _________________________________ <br />Consent <br /> Tabled Until: ______________________________ <br /> Regular <br /> Other: ___________________________________ <br />23 <br /> <br />