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Village board rescinds demand on letters of credit for Banks Farm/Villas of Prairie Trails
Summary
The Manhattan Village Board approved a resolution rescinding a prior demand for payment on multiple letters of credit tied to Banks Farm Development’s Villas of Prairie Trails after updated letters of credit were provided by the bank.
The Village of Manhattan approved a resolution rescinding its earlier demand for payment on multiple letters of credit tied to Banks Farm Development’s Villas of Prairie Trails, village officials said during the June 17, 2025, meeting.
Board members said the village had approved demands at a prior meeting but, before the letters of credit expired, the bank provided updated letters of credit to the village and requested rescission of the earlier demands. The resolution lists the affected letters of credit and was presented to the board as addressing three original letters; the presenter said there are six items listed in the resolution.
Trustees moved, seconded and approved the resolution by roll call. Individual roll‑call responses recorded in the transcript include trustees Young, Dilling, Neighbors, Vernon, Doyle and Beheena each voting “yes.” The motion carried without recorded opposition.
The agenda materials attached to the resolution identify the letters of credit and the Villas of Prairie Trails subdivision as the related project; no additional conditions, amendments or follow‑up tasks were recorded in the meeting transcript.
