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CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Centerviffe <br />Agenda Item # <br />Department: <br />Requested Council Meeting Date: <br />IX.1 <br />Administration/Engineering <br />February 23, 2022 <br />TITLE OF ISSUE: <br />Old Mill Estates Letter of Credit Reduction Request <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br />A majority of the work in Old Mill Estates has been completed. The attached analysis details the remaining <br />work (liabilities) and suggests a reduction in the total Letter of Credit amount to $82,500 in accordance with the <br />City's Letter of Credit Reduction policy. <br />COST AND SOURCE(S) OF FUNDING: <br />No Cost - Reduction in security held. <br />REQUESTED COUNCIL ACTION: <br />Motion to allow the reduction of the total Letter of Credit for the Old Mill Estates development (1st and 2nd <br />Phases) to an amount of $85,000. <br />For Clerk's Use: <br />SUPPORTED DOCUMENTS ATTACHED <br />Motion By: <br />Resolution Ordinance Contract Minutes Plan Map <br />Second By: <br />Vote Record: Ave Nay <br />Love <br />Koski <br />Lakso <br />King <br />Other (specify) LOC Reduction Request, Analysis, Warranty <br />Bond <br />Mosher <br />Administration Department Use: <br />Refer to: <br />Consent <br />Regular <br />Tabled Until: <br />Other: <br />