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City approves reduction of developer performance surety for Brooks Subdivision
Summary
The Board approved lowering TCW Development's performance letter of credit for Brooks Subdivision by $310,500, leaving $92,000 to cover remaining public improvements after an engineering inspection.
The Board of Works granted a request from TCW Development to reduce its performance letter of credit for public improvements in the Brooks Subdivision.
Engineering reported the developer had installed surface course asphalt, landscaping and public sidewalks and requested a $310,500 reduction from an existing $402,500 letter of credit, leaving a remaining performance surety of $92,000 for outstanding work at the southwest corner of the development. Engineering inspected the improvements and recommended approval of the reduction.
A motion to approve the reduction was made, seconded and carried by voice vote.
Staff will continue to monitor remaining improvements covered by the reduced letter of credit.
