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Lockport accepts J & A Sales improvements, reduces letter of credit to 10%
Summary
The council agreed to reduce the improvement letter of credit for J & A Sales on Prime Boulevard from $351,119.17 to the city’s standard 10% ($35,111.92) and to hold the reduced amount for one year of maintenance.
The City Council approved a reduction in the letter of credit for the J & A Sales development on Prime Boulevard after staff confirmed that required public improvements were completed.
"This last 1 is related to Resolution 25,054. This is simply a reduction in a letter of credit from $351,119.17 down to our standard 10% of $35,111.92," Lance, planning staff, told the council, adding that staff inspected the site and accepted the improvements.
Under the measure the developer will post the 10% maintenance bond for one year; the city will conduct a maintenance walk at the end of that period to verify utilities, grading and landscaping remain in compliance. If issues are found, the developer must correct them before the remainder of the bond is released.
Staff noted the Prime Boulevard development is complete and that the business is operating and generating sales tax revenue. The council had no additional questions and moved to place the item on consent for approval.
