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st <br />TheLOCforthe1Additionbeing$457,047couldbereducedbytheamountof150%ofthevalueofthe <br />workcompleted.Theworkcircledinred,below,isworkthatisnotyetcompletedandapproved.The <br />remainingworkisconsideredcompleteanditsvaluecouldbereleasedfromtheletterofcredit. <br />Theremainingwork(circledabove)is$63,370x150%=$95,055. <br />Therefore,thenewLOCamountforOldMillEstates,firstaddition,canbereducedto$95,055. <br /> <br />