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Council accepts maintenance securities and approves Shades Phase 2 pay requests totaling nearly $495,000
Summary
Council approved acceptance of multiple maintenance letters/cash bonds (Beacon Point $177,362.83; Birchwood Farms extension $395,168.95 contingent; Wicker Enterprises cash bond $2,133.00; Cedar Lake Storage listed amount) and approved Shades Phase 2 pay requests #3 ($268,468.26) and #4 ($226,965.02); motions carried 6–0.
Council reviewed and approved several development-related financial securities and contractor pay requests at the Aug. 4 meeting.
On BZA and plan items the council accepted a maintenance letter of credit for Beacon Point Units 6 & 7 for $177,362.83 (to expire 07/27/2029). It accepted a maintenance-letter extension for Birchwood Farms units 1–3 and 5 with the dollar amount in the packet (first-source / bank amount listed at $395,168.95) contingent on engineering and Plan Commission sign-off. Council also accepted a Wicker Enterprises cash bond for $2,133.00 and a maintenance letter for Cedar Lake Storage as presented; motions carried unanimously.
The council then approved two Shades Phase 2 contractor pay requests: pay request #3 for $268,468.26 and pay request #4 for $226,965.02, each supported by recommendation letters from consulting engineer Christopher B. Burke; both motions passed by roll call 6–0. Council discussion noted a narrow Community Crossings grant submission window and the potential to apply for up to $1,000,000 in grant funding if project paperwork is submitted on time.
