CITY OF PEWAUKEE
Common Council AGENDA ITEM 9.
| DATE: | May 3, 2021
| | DEPARTMENT: | Public Works
| | PROVIDED BY: | Magdelene Wagner |
SUBJECT:
Discussion and Possible Action to Approve the Fourth Reduction of the Swan View Farms Phase 1 Letter of Credit from $1,128,075.56 to $595,595.80 (Reduction of $533,379.80). [Wagner]
BACKGROUND:
The Developer of Swan View Farms Phase 1 needs to renew his letter of credit with his lender and requested a review of the letter of credit value prior to this. The development has been constructed through the binder asphalt layer. The final surface course of pavement needs to be installed yet. The interim inlets needs to be brought to final grades. There also needs to be a small amount of grading completed once the existing septic tanks are removed for the existing homes which are anticipated to be connected in the next couple of weeks. In a review of the value of this work, Staff is recommending a reduction in the value of the letter of credit to reflect the remaining work plus a minor amount of contingencies for the utility extensions. This value is also increased by 20% as required by City Ordinances.
FINANCIAL IMPACT:
RECOMMENDED MOTION:
Common Council approve the Fourth Reduction of the Swan View Farms Phase 1 Letter of Credit from $1,128,075.56 to $595,595.80 (Reduction of $533,379.80).
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