CCR2024.065-LOC reduction (Twin Silos)COMMON COUNCIL -- CITY OF MUSKEGO
RESOLUTION #065-2024
APPROVAL OF LETTER OF CREDIT REDUCTION FOR
Peach Lane LLC (Twin Silos Subdivision)
WHEREAS, the Peach Lane LLC entered into a Developer's Agreement with the City to
construct Twin Silos Subdivision located off Tess Corners Drive just south of Cornell
Drive; and
WHEREAS, the project has started construction per the Development Agreement and
the work done to date has been approved by the Director of Public Works and
Development; and
WHEREAS, based on construction work performed, Peach Lane 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 $687,857.83, leaving a remaining balance of
$432,528.57.
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 Peach Lane LLC be
reduced from $1,120,386.40 to $432,528.57.
DATED THIS 19th DAY OF NOVEMBER 2024.
SPONSORED BY:
This is to certify that this is a true and accurate copy of Resolution #065-2024, which
was adopted by the Common Council of the City of Muskego.
City Clerk
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