CCR2007226.
.
.
COMMON COUNCIL - CITY OF MUSKEGO
RESOLUTION #226-2007
APPROVAL OF REDUCTION IN LETTER OF CREDIT
Belle Chasse Subdivision
WHEREAS, City Engineer R. A. Smith & Associates, Inc. has recommended a
reduction in the letter of credit for the Belle Chasse Subdivision in the amount of
$721,624.14; and
WHEREAS, The Finance Committee has recommended that the letter of credit for the
Belle Chasse Subdivision be reduced by $721,624.14.
NOW, THEREFORE, BE IT RESOLVED That the Common Council of the City of
Muskego, upon the recommendation of the Finance Committee, does hereby approve a
reduction in the letter of credit for the Belle Chasse Subdivision in the amount of
$721,624.14.
DATED THIS 27TH DAY OF NOVEMBER ,2007.
SPONSORED BY:
FINANCE COMMITTEE
Ald. Bob Melcher
Ald. Neil Borgman
Ald. Keith Werner
This is to certify that this is a true and accurate copy of Resolution #226-2007 which
was adopted by the Common Council of the City of Muskego.
11/07jmb
.
.
.
CITY OF MUSKEGO
Staff Report to Finance Committee/Common Council vI I f(e sg.J :j l,. 2ou7
To: Finance Committee/Common Council
EngineerinllDepartment, David J. White, P.E., City Enginee;~
2nd Reduction of Letter of Credit for Belle Chasse Development
From:
Subject:
Date: November 19,2007
Background
Belle Chasse subdivision is located on the west side of Durham Drive at McShane
Drive. The City and Belle Chasse LLC entered into a Developer's agreement in 2007
which required a letter of credit for the full amount ($2,005,266.00) of the
development's improvements.
Construction on the project began in August 2007 with the work being inspected by
R.A. Smith & Asso.
Belle Chasse LLC has completed numerous items of work and is requesting that
their letter of credit be reduced by $721,624.14. R.A. Smith concurs that the work
identified in this second reduction request has been satisfactorily completed.
Attached please find a work sheet detailing the letter of credit information and the
second reduction.
Recommendation for Action by Committee/Council:
I recommend that the Belle Chasse letter of credit be reduced by $721,624.14.
Fiscal Note(s): None
Total $ Requested:
Amount of Total Requested Budgeted:
Amount of Total Requested Unbudgeted:
Expenditure Account(s) number recommended be used:
S:\CITYHALL\Engineering\Subdivisions\Belle Chasse\LOC reduction #2 111907.doc