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Board releases remaining Ashbury East letter of credit after staff confirmation of completed improvements
Summary
Staff recommended releasing the remaining $174,570.59 of a letter of credit for Ashbury East LLC after inspections, lien waivers and warranty work review; the board approved the release by voice vote.
Staff recommended the board release the remaining balance of a letter of credit provided by developer Ashbury East LLC under the development agreement for public road and site improvements. The letter of credit had been issued to secure street lights, signs, trees, inspections and construction administration and initially totaled $572,208.20.
Staff reported that all required public improvements have been completed, lien waivers obtained and that warranty obligations are satisfied; they recommended releasing $174,570.59. A trustee moved to release the letter of credit and the board approved the release by voice vote.
No additional conditions or roll‑call vote were recorded in the minutes; staff will proceed with processing the release.
