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Council releases $85,000 letter of credit for Countryside Subdivision, accepts $53,000 cash bond
Summary
Developer Scott Beckstead told the council his Letter of Credit for Countryside Subdivision expires March 27; council agreed to release the $85,000 LOC and accept a $53,000 cash bond while remaining incomplete items are finished.
Developer Scott Beckstead told the council his Letter of Credit for the Countryside Subdivision expires March 27 and proposed replacing the $85,000 Letter of Credit with a $53,000 cash bond. Beckstead said he has completed a majority of required improvements but still needs to finish the sprinkler system, hydroseeding, trees and playground.
City Attorney Lyle Fuller advised the council that it could lower the amount and accept a cash bond without returning the matter to the Planning and Zoning Commission; the council approved releasing the $85,000 Letter of Credit and replacing it with a $53,000 cash bond (unanimous). The minutes note the outstanding items to be completed before final warranty timing.
