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Montgomery council approves TriPoint letter of credit for Lift Station 5, adds $150,000 escrow
Summary
The council authorized a standby letter of credit to secure relocation of Lift Station No. 5 for the Legacy Grove/TriPoint development and added a requirement that TriPoint keep a minimum $150,000 escrow balance; TriPoint objected to the extra escrow requirement but agreed the letter of credit covers the contract amount.
Montgomery’s City Council on Feb. 24 authorized a standby letter of credit to secure construction of Lift Station No. 5 for the Legacy Grove/TriPoint development and attached a requirement that the developer maintain a minimum $150,000 escrow balance with the city.
City staff described the relocation as a developer-funded requirement tied to the approval of the Legacy Grove TriPoint development and said a letter of credit would secure contractor payments as estimates…
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