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County authorizes lawsuit to collect on letter of credit for incomplete Heron Lake road
Summary
DeKalb County commissioners voted to authorize a lawsuit seeking to collect on a letter of credit issued by Wayne Asphalt after Heron Lake Development LLC went bankrupt; commissioners said the letter backed completion of a road that remains unfinished and affects local homeowners.
DeKalb County commissioners voted to authorize filing suit to collect on a letter of credit tied to an incomplete road in the Heron Lake Development after the developer entered bankruptcy.
County legal staff told commissioners Wayne Asphalt issued the letter of credit guaranteeing road completion and that the bankruptcy of the developer does not, in their view, absolve Wayne Asphalt of the guarantee. A staff member said the county relied on the letter when it approved the development and that the county…
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