Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Development topic
No spam. Unsubscribe anytime.
Council releases remaining 10% of Dollar General letter of credit after one‑year hold
Summary
With the Dollar General demolition and sewer relocation complete and a one‑year hold satisfied, the Council voted unanimously to release the remaining 10% of the project's letter of credit at the business's request.
Administrator Erin Braband reported that Dollar General’s sewer main relocation and demolition at the store site was complete and that the Council had reduced the required letter of credit to 10% to be held for one year. The one‑year holding period ended this month and Mr. Snyder requested release of the remaining 10%.
President Jeremy Newnam moved to release Dollar General’s letter of credit in full; Commissioner Rose Potter seconded and the motion was approved unanimously. The minutes record the prior reduction to 10% and the Council’s approval to release the remaining funds now that the hold period had ended.
The minutes do not specify the original letter‑of‑credit amount or the monetary value of the released 10%, only that the Council reduced the LOC to 10% after project completion and then released that remaining 10% after one year.
