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City accepts letters of credit as subdivision sureties for Brooks subdivision phase 3
Summary
The Board accepted two letters of credit submitted by TCW Development to serve as performance and maintenance sureties for the Brooks subdivision; staff had reviewed the documents and recommended acceptance following prior acceptance of road improvements in December 2023.
TCW Development requested the city accept two letters of credit to serve as performance and maintenance sureties for Phase 3 public roads in the Brooks subdivision, and the Board of Works approved staff's recommendation to accept them.
Staff said the road improvements within the Brooks subdivision were accepted at the Dec. 7, 2023 Board of Works meeting. The maintenance surety letter of credit covers $33,000 for Phase 3 public roads and the performance surety was reduced to $902,000. "Engineering department has reviewed and does recommend the acceptance of these letter of credits to act as subdivision sureties," the presenter said.
The board approved acceptance by voice vote; staff will file the letters of credit as security for the subdivision’s public improvements.
