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CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Agenda Item # Department: Requested Council Meeting Date: <br />April 8, 2020 <br />Administration <br />TITLE OF ISSUE: <br />Letter of Credit Reduction Request - Old Mill Estates <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br />We have received a formal request, from the developer of Old Mill Estates, for a letter of credit reduction. The <br />construction of Old Mill Estates (first addition) is largely completed. Attached is a summary of the costs of <br />work which is complete and incomplete. <br /> <br />Staff is recommending a reduction in the letter of credit from $457,057 to $95,055. <br /> <br />A separate letter of credit will be required for the construction of the 2nd Addition. <br />COST AND SOURCE(S) OF FUNDING: <br />No cost. Proposed reduction in security. <br />REQUESTED COUNCIL ACTION: <br />Motion to approve a reduction in the Letter of Credit for Old Mill Estates (1st Add.) to $95,055. <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 />LOC Reduction Request, LOC Reduction <br />Other (specify) ____________ <br /> _____ _____ Love <br /> _____ _____ Paar <br />Analysis <br />_______________________________________________________________ <br /> _____ _____ Koski <br /> _____ _____ Montain _______________________________________________________________ <br />Administration Department Use: <br />Refer to: _________________________________ <br />Consent <br /> Tabled Until: ______________________________ <br /> Regular <br /> Other: ___________________________________ <br /> <br />