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Developer asks board to rescind $1M-plus drawdown request for Schwartz Crossing; board hears progress update
Summary
A Schwartz Crossing representative told the board the developer misunderstood a drawdown date and asked the board to rescind a motion to draw down more than $1 million in performance guarantees. Staff and developer agreed to follow up; no rescission vote was recorded.
A representative for the Schwartz Crossing development told the Public Works and Safety Board on Sept. 3 that the developer had been surprised by a July 7 board motion to draw down more than $1 million in performance letters related to incomplete punch-list work. The developer asked the board to rescind that drawdown, saying the date for drawdown had been misinterpreted and that work on the project has progressed in phases over nearly a decade.
Ward Deep Claybolt, who identified himself as representing the Schwartz Crossing developer and gave an Indianapolis office address, presented an update on the southeast quadrant of the project and outlined site progress, ongoing on- and off-site construction and forthcoming commercial work. He said the developer now…
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