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Staff authorized to draw on letters of credit for Sandstone Apartments, phase 2, if developer does not complete punch list
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 several right-of-way punch-list items remained undone and that activity had stalled in recent weeks. To avoid being left without financial assurance for incomplete work, staff asked the board to authorize drawdown on the letters of credit if the petitioner did not resume work in the coming weeks. The board moved and approved authorization for staff to proceed with the drawdown process if the developer failed to move forward.
Staff said the project is located on the north end of Meridian Street just south of County Line Road and that phase 2 included additional apartment buildings. The board approved the authorization and directed staff to proceed under the conditions described if necessary.
