CCR2023.004-LOC-Will Rose AptsCOMMON COUNCIL — CITY OF MUSKEGO
RESOLUTION #004-2023
APPROVAL OF LETTER OF CREDIT REDUCTION FOR
WILL ROSE APARTMENTS LLC
WHEREAS, Will Rose Apartments LLC entered into a Developer's Agreement with the
City to construct Will Rose; 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, Will Rose Apartments 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 $271,825.00, leaving a remaining balance of $0.00.
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 Will Rose Apartments LLC
be reduced from $271,825.00 to $0.00.
DATED THIS 10th DAY OF JANUARY 2023.
SPONSORED BY:
FINANCE COMMITTEE
This is to certify that this is a true and accurate copy of Resolution #004-2023, which
was adopted by the Common Council of the City of Muskego.
City Clerk
1 /23cmc