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Board demands payment on multiple letters of credit for Banks Farm "Villas of Prairie Trails" development
Summary
Trustees approved a series of resolutions demanding payment on letters of credit tied to Banks Farm Development, Villas of Prairie Trails, covering multiple construction phases after the bank provided only an unsigned assurance of renewal.
The Village of Manhattan Board of Trustees approved multiple resolutions demanding payment on letters of credit for Banks Farm Development's Villas of Prairie Trails after staff reported the lender had not yet delivered signed replacement letters.
Staff told the board that the bank issued a letter saying the letters of credit would be renewed but…
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