Developer asks board to rescind $1M-plus drawdown request for Schwartz Crossing; board hears progress update
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.
The full story
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.
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