City accepts letters of credit as subdivision sureties for Brooks subdivision
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Summary
Board accepted two letters of credit from TCW Development as performance and maintenance sureties for road improvements in the Brooks subdivision: a $33,000 maintenance surety and a reduced $902,000 performance surety for phase 3 public roads.
The Valparaiso Board of Works accepted two letters of credit from TCW Development to serve as performance and maintenance sureties for public road improvements in the Brooks subdivision.
Engineering staff presented the request, saying the road improvements were accepted at the December 7, 2023 Board of Works meeting and that the developer submitted a maintenance surety letter of credit in the amount of $33,000 for Phase 3 public roads; the performance surety letter of credit was reduced to $902,000. Engineering said it had reviewed the letters and recommended acceptance as subdivision sureties.
Board action: a motion to accept the two letters of credit carried unanimously. The engineering department will retain copies of the sureties and note the maintenance and performance surety amounts in the subdivision files.
The acceptance reflects the city's standard practice to hold financial sureties for subdivision road performance and maintenance after acceptance of improvements. Staff did not propose any changes to the surety amounts during the meeting; the board took no additional conditions beyond acceptance.