CCR2022.088-LOC-Presbyterian HomesCOMMON COUNCIL — CITY OF MUSKEGO
RESOLUTION #088-2022
APPROVAL OF LETTER OF CREDIT REDUCTION FOR
PHW Muskego, Inc. (Presbyterian Homes)
WHEREAS, PHW Muskego, Inc. entered into a Developer's Agreement with the City for
the development on Janesville Road at the Old Tess Corners School; this is the
Presbyterian Homes Development; and
WHEREAS, The project has been progressing well and a large majority of work
associated with the public infrastructure has been completed per the Development
Agreement and to the satisfaction of the Director of Public Works and Development;
and
WHEREAS, As a result thereof, PHW Muskego, Inc has submitted a request for a
reduction to its Letter of Credit; and
WHEREAS, The Public Works and Development Director has recommended that the
Letter of Credit be reduced by $583,769.54, leaving a remaining balance of
$143,862.46.
NOW, THEREFORE, BE IT RESOLVED That the Common Council of the City of
Muskego, upon the recommendation of the Finance Committee, does hereby approve
that the Letter of Credit for PHW Muskego, Inc. be reduced from $727,632.00 to
$143,862.46.
DATED THIS 11th DAY OF OCTOBER 2022.
SPONSORED BY:
FINANCE COMMITTEE
This is to certify that this is a true and accurate copy of Resolution #088-2022, which
was adopted by the Common Council of the City of Muskego.
Clerk -Treasurer
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