CCR2022.106-LOC-Muskego BiotechCOMMON COUNCIL — CITY OF MUSKEGO
RESOLUTION #106-2022
APPROVAL OF LETTER OF CREDIT REDUCTION FOR
MUSKEGO BIOTECH BUILDING, LLC
WHEREAS, Muskego Biotech Building, LLC entered into a Developer's Agreement with
the City for the development located on the west side of Moorland Road just south of
Commerce Center Parkway; and
WHEREAS, The project has been progressing well and all 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, Muskego Biotech Building, 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 $286,872.00, leaving a remaining balance of $4,800.00.
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 Muskego Biotech Building,
LLC be reduced from $291.672.00 to $4,800.00.
DATED THIS 20th DAY OF DECEMBER 2022.
SPONSORED BY:
FINANCE COMMITTEE
This is to certify that this is a true and accurate copy of Resolution #106-2022, which
was adopted by the Common Council of the City of Muskego.
Clerk -Treasurer
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