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TheLOCforthe2ndAdditionbeing$962,670couldbereducedbytheamountof150%ofthevalueof <br />theworkcompleted.AllSanitarySewer,WaterMain,StormSewerandStreetConstructionhasbeen <br />completed,withtheexceptionofthewearcourseofpavementandpunchlistitems.Miscellaneous <br />items, <br />suchaserosioncontrol,mailboxes,signageandthelikearestillinprocessandincomplete.Staff <br />recommendsholding5%ofeachlisteditemforpunchlistworkand$25,000forthepavingofthewear <br />course. <br />Theremainingwork,therefore,is: <br />$82,187x0.05=$4,109.35SewerPunchList <br />$103,428x0.05=$5,171.40WaterPunchList <br />$106,319x0.05=$5,315.95StormSewerPunchList <br />$331,546x0.05=$16,577.30StreetPunchList <br />$25,000=$25,000.00WearCoursePaving <br />$18,300=$18,300.00Miscellaneous <br />Total$74,473.70 <br />x150%=$111,710.55 <br />Therefore,thenewLOCamountforOldMillEstates,firstaddition,canbereducedto$111,710.55 <br />ItisimportanttonotethatthecitystillretainsaLetterofCreditofnearly$100,000forthefirstaddition <br />ofOldMillEstatestocoverwearcoursepaving,trailconstruction,sidewalkconstructionand <br />miscellaneousitemsonthatportionofthedevelopment. <br /> <br />