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Council approves release of Dollar General letter of credit worth $379,313
Summary
Curtis Snyder asked the council to release Dollar General's letter of credit of $379,313. Town Administrator Erin Braband said GMB had no objection; the council voted unanimously to release the LOC.
Curtis Snyder requested that the council release the letter of credit Dollar General currently holds in the amount of $379,313.00.
Town Administrator Erin Braband said the letter of credit “is for items that are subject to the signed Public Works Agreement and will remain the property owner’s responsibility.” Braband also reported that GMB does not inspect the items but had no objection to release because the items are complete. Commissioner Michael Sullivan moved to release the letter of credit; Commissioner Jeremy Newnam seconded and the motion passed unanimously.
The action recorded in the minutes releases the financial security held under the Public Works Agreement; the minutes do not record additional conditions, escrow procedures, or post-release inspections beyond GMB’s stated lack of objection.
