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Council approves release and replacement of Garden Space Phase 8 letter of credit
Summary
Council approved releasing a $21,219 letter of credit and accepting a replacement letter of credit increased to roughly $23,314.90 (transcript contains a minor numeric phrasing discrepancy) for Garden Space Phase 8 Plat 4A, extending the guarantee for 12 months per the developer's request.
Planning staff told the council that Barnes requested a 12-month extension on an existing letter of credit for Garden Space Phase 8, Plat 4A. Staff said the current letter of credit amount is $21,219 and, after applying a 10% increase, the required amount is $23,314.90; staff recommended releasing the existing letter of credit and accepting the replacement.
The Chair entertained two motions: first to release the existing letter of credit, and second to accept the new letter of credit for the adjusted amount. Both motions were seconded and approved after the Chair called for ayes. The transcript contains a brief number-phrasing exchange when the amount was read back, which the council resolved during the motion.
