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Original LOC Current LOC Proposed LOC <br />Phase 1 $457,047.00 $95,055.00 $41,250.00 <br />Phase II $962,670.00 $111,710.55 $41,250.00 <br />Totals $1,419,717.00 $206,765.55 $82,500.00 <br />The city's LOC policy states: "A letter of credit cannot be drawn down to less than 5 % of the original <br />value of the Letter of Credit or $20,000, whichever is greater, until the agreement governing the project <br />is satisfied." Five percent of the original LOC value would be $1,419,717 x 0.05 = $70,985.85. Therefore, <br />the proposed reduction is in keeping with city policy. <br />