CCR2022.098-LOC-MKs-EP (Mallard Reserve)COMMON COUNCIL — CITY OF MUSKEGO
RESOLUTION #098-2022
APPROVAL OF LETTER OF CREDIT REDUCTION FOR
MK/S-EP, LLC
WHEREAS, MK/S-EP, LLC entered into a Developer's Agreement with the City for the
development on Priegel Drive (Mallard Reserve) just west of Durham Drive; and
WHEREAS, The project has been progressing well and a large majority of the 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, MK/S-EP, LLC 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 $2,407,781.18, leaving a remaining balance of
$1,446,112.82.
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 current amount remaining on the Letter of Credit for MK/S, LLC be reduced
from $3,853,894.00 to $1,446,112.82.
DATED THIS 25th DAY OF SEPTEMBER 2022.
SPONSORED BY:
FINANCE COMMITTEE
This is to certify that this is a true and accurate copy of Resolution #098-2022, which
was adopted by the Common Council of the City of Muskego.
Clerk -Treasurer
10/22cmc