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CITY OF CENTERVILLE <br />RES. #23-0 <br />A RESOLUTION RELEASING THE LETTER OF CREDIT FOR THE KWIK <br />TRIP RIGHT TURN LANE <br />WHEREAS,the Kwik Trip, Inc. was required to post a security for the costs of <br />constructing a Right Turn Lane on Main Street(CSAH 14) as part of their development, <br />and <br />WHEREAS,both a cashescrow and letter of credit were received, covering the same <br />improvements, each in the same amount and eachwith enough funds to cover said costs, <br />and <br />WHEREAS,this unnecessary redundancy has recently cometo the attention of both <br />Kwik Trip and City Staff, <br />THEREFORE, THE CITY OF CENTERVILLE HEREBY RESOLVES,to release <br />the letter ofcredit security for the RightTurn Lane Improvements, while retaining the <br />cash escrow. <br />Passed by the City Council of the City of Centerville this 11th day of January, 2023. <br />Mayor, D. Love <br />Attest: <br />City Clerk, Teresa Bender <br /> <br />