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Leawood authorizes release of letter of credit for Aventino development after staff language change
Summary
Council approved a resolution authorizing release of a letter of credit securing special-benefit-district assessments for the Aventino development after staff revised the resolution to reflect that the developer met a 35% square-footage occupancy threshold.
The Leawood governing body unanimously adopted a resolution authorizing release of a letter of credit issued to secure payment of special-benefit district assessments related to the Aventino development.
City staff told council the version on the agenda used a threshold of “more than 50%” of properties having certificates of occupancy, but that Aventino was close to that level and clearly met an alternative test in the resolution—having at least 35% of the square footage of the most recent final development plan with certificates of occupancy. Staff recommended changing the resolution language to reflect the accurate threshold. Patty Bennett explained the revised language in the materials before council.
Developer Travis Schrum attended in the audience. After a second and brief discussion, council adopted the resolution by voice vote.
Outcome: The letter of credit will be released consistent with the revised resolution language and staff’s recommendation; staff will process the release per the city’s standard procedures.
