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Staff authorized to draw on letters of credit for Sandstone Apartments, phase 2, if developer does not complete punch list
3411102 · May 20, 2025
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Summary
Staff were authorized to begin drawdown on letters of credit for Sandstone Apartments Phase 2 if developer does not complete outstanding right-of-way punch-list items before June 14 nonrenewal deadline.
City staff told the Public Works and Safety Board on May 19 that Sandstone Apartments Phase 2 had largely completed construction but that the bank had issued nonrenewal notices for letters of credit that expire June 14.
Staff said…
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