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Verona council authorizes staff to draw on Whispering Coves letter of credit if developer misses deadlines
Summary
The council directed staff to proceed, under the development agreement and after notice and cure periods, to draw on the Whispering Coves developer's letter of credit for unfinished public improvements; staff reported sluice gates and related work are now completed but pavement remains outstanding.
City staff updated the council on Whispering Coves, saying most public infrastructure is installed but pavement completion remains outstanding and some pavement areas are failing. Staff reported the sluice gate and hatch installation will be completed by the end of the week and that access agreements with a fiduciary contractor are resolved.
Council members expressed frustration at repeated delays and discussed using the letter of credit as an enforcement tool. City attorney advised that the development agreement and guarantee period allow the city to identify remaining work, provide notice to the developer, and then, if not timely corrected, draw on the letter of credit to fund completion.
A motion authorizing city staff to draw on the letter of credit under the terms of the development agreement — without requiring separate council authorization after notice and cure steps are followed — passed by voice vote. Council members said they expect staff to continue monitoring progress and to enact the letter‑of‑credit remedy if necessary.
