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Council allows partial releases of Letter of Credit for Enclave East subdivision
Summary
Council agreed to amend the Enclave East Development Agreement to permit partial releases of the Letter of Credit as infrastructure improvements are completed; warranty period will not begin until all improvements are finished.
Director Shawn Oliverson told the council that although the Enclave East Development Agreement had been approved, it had not yet been executed or recorded and the developers requested changes so partial releases of the Letter of Credit could occur as items are completed and inspected.
The council voted to allow partial releases of the Letter of Credit and clarified that the one-year warranty period would not start until all improvements are fully completed. Attorney Lyle Fuller advised this change is within the council’s authority and the action was approved unanimously.
