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<br /> <br />tervi{{e <br /> <br />'Esta6{isfwf 18.'>7 <br /> <br />STAFF REPORT <br />CENTERVILLE CITY COUNCIL <br /> <br />Date: <br /> <br />June 23, 2004 <br /> <br />To: <br /> <br />Honorable Mayor and City Council Members <br />Ms. Kim Moore-Sykes, City Admini~trator <br /> <br />From: <br /> <br />EDen Paulseth, Finance Director <br /> <br />Re: <br /> <br />Letter of Credit in the Amount of$10,620 <br />Tbe Shores <br /> <br />************************************************************************ <br /> <br />The letter of credit securing the private improvements in the Shores development is <br />scheduled to expire on July II, 2004. <br /> <br />The developer, Glenn Rehbein Excavating, has an outstanding invoice in the amount of <br />$2,878.31 for snowplowing, street sweeping and sign installation. <br /> <br />In addition, Public Works Director Paul Palzer has inspected the project and has found <br />that not all of the private improvements have been installed. Many of the lots still need <br />trees and sod. <br /> <br />Since there is not another council meeting until after the expiration of the letter of credit, <br />staff would like to be sure that there is an understanding that the existing letter of credit <br />should be drawn upon if not renewed prior to the expiration date. <br />