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Council authorizes $482,070 partial release of Enclave East subdivision letter of credit
Summary
Developers of the Enclave East Partial Subdivision posted a $2,394,900 letter of credit; the council granted a $482,070 partial release for completed water system installation and materials after Attorney Lyle Fuller confirmed developer agreements and plat were recorded with Franklin County.
Developers Cameron Rounds and Jordan Snedaker requested a partial reduction of the Letter of Credit for the Enclave East Partial Subdivision. The Letter of Credit was posted for $2,394,900 to secure improvements; the developers requested a partial release of $482,070 for completed water system installation and materials.
Attorney Lyle Fuller advised the council that the Development Agreement, the Open Space Agreement and the Final Plat have been signed and recorded at Franklin County. Councilmember Terry Larson moved and Councilmember Chris Larsen seconded the partial release; the council approved the partial reduction unanimously.
The minutes note Fuller reviewed the underlying agreements; they do not record additional conditions or an inspection report in support of the partial release in these minutes.
