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Committee recommends reducing developer letter of credit for Windridge Plat 10 to $106,780
Summary
After the village engineer inspected completed work in Windridge Plat 10, the Administration Finance Committee voted Feb. 3 to recommend Resolution 06R25 to reduce the developer’s letter of credit to $106,780, reflecting remaining unfinished items.
The Administration Finance Committee voted Feb. 3 to forward Resolution 06R25 to the Feb. 18 board meeting with a positive recommendation to reduce the letter of credit securing infrastructure work for Windridge Plat 10.
A staff member reported that "the significant work has been completed on the required infrastructure improvements in the Windridge subdivision." After inspection, the village engineer compiled a list of remaining work and determined the letter of credit need be held at $106,780. The staff member said the site is the area "northeast of 173 in Perryville."
The committee made and seconded a motion to approve the resolution; members responded with unanimous "aye" votes in committee and the item will appear on the Feb. 18 board agenda with a positive recommendation. The committee record does not include a roll-call tally; the exact number of yes votes was not specified.
Reducing a letter of credit typically reduces the developer's financial security requirement once public infrastructure meets the village engineer’s acceptance criteria. The resolution, as presented to the committee, authorizes the village to accept the reduced amount of $106,780 for Windridge Plat 10 pending full board approval.
