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CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Agenda Item # Department: Requested Council Meeting Date: <br />December 9, 2020 <br />Administration <br />VII.9.a <br />TITLE OF ISSUE: <br />Letter of Credit Reduction Request - Bay View Villas <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br />Bay View Villas has completed their wear course and adjacent driveway paving along with other items and has <br />requested a reduction in their Letter of Credit to reflect this completed work. <br /> <br />Attached is an analysis of the city's remaining letter of credit needs and the work completed. <br />COST AND SOURCE(S) OF FUNDING: <br />No direct cost. Reduction in project securities. <br />REQUESTED COUNCIL ACTION: <br />Motion to reduce the Letter of Credit for Bayview Villas to $112,500. <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 Analysis <br />Other (specify) ____________ <br /> _____ _____ Love <br /> _____ _____ <br />_______________________________________________________________ <br /> _____ _____ Koski <br /> _____ _____ Montain _______________________________________________________________ <br />Administration Department Use: <br />Refer to: _________________________________ <br />Consent <br /> Tabled Until: ______________________________ <br /> Regular <br /> Other: ___________________________________ <br /> <br />