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Peotone board approves reduction of Piafon Travel Center's letter of credit to roughly $67,000
Summary
Staff reported Piafon Travel Center requested a third reduction of its letter of credit; the board approved lowering the security from a previously stated balance of about $367,425 to roughly $67,000 to cover remaining punch-list items, with staff noting some outstanding fixes remain.
Troy explained the history of the letter of credit established for the travel-center development and said there had already been two prior reductions. He told trustees the balance before the reduction was approximately $367,425 and the developer and staff negotiated a remaining security amount in the neighborhood of $67,177.25 to ensure warranty and punch-list items are completed.
Trustees asked for clarification on the precise post-reduction balance (transcript contains slight numeric inconsistencies in later lines) and then moved and approved the reduction. Staff said they found a few items the developer still needs to finish and will retain the remaining letter-of-credit amount to cover those items. "They agreed to raise the amount that they're gonna keep in their letter bridal to $67,177.25," Troy said.
