HomeMy WebLinkAboutRESOLUTION NO. 2022-40RESOLUTION NO. 2022-40
RESOLUTION APPROVING AN IRREVOCABL� STANDBY LETTER OF CREDIT
FOR THE PRIVATE STORM SEWER SYSTEM LOCATED IN THE LEXI, ADDY &
PRESLEY'S ADDITION IN THE CITY OF FAIRFAX, LINN COUNTY, IOWA
WHEREAS, plan of improvements for a private storm sewer system along the west property line of
Lots 2 and 3 of the Lexy, Addy & Presley's Addition in the City of Fairfax, Linn County, Iowa has been
submitted to the City of Fairfax by Sobaski Real Estate, LLC; and
WHEREAS, Dollar General is completing their building and site iinprovements on Lot 1 of said
Lexy, Addy & Presley's Addition, and Dollar Get�eral requires this storm sewer to be installed correctly and
in a timely manner to complete the storin water detention facilities located on their site;
WHEREAS, DGOGFAIRFFAXIA02172021 LLC has subinitted an Inevocable Standby Letter of
Credit to the City of Fairfax, Iowa to ensure that this private storin sewer system is installed correctly on
Lots 2 and 3 of the Lexy, Addy & Presley's Addition, as well as in a tiinely inanner so that the Dollar
General inay colnplete the storm water detention facilities located on their site;
WHEREAS, the amount of this In�evocable Standby Letter of Credit is $218,000, which is inore than
150% of the estiinated construction cost provided by Bar 33, Ko1by Liles, 111 Shucks Rd, Pleasureville, KY
40057.
WHEREAS, per this Resolution, DGOGFAIRFFAXIA02172021 LLC has until July 15°i, 2022 to
install said private stonn sewer system. If DGOGFAIRFFAXIA02172021 LLC does not have this private
stonn sewer systein installed by July 15, 2022, then the City of Fairfax may act on this surety boild to have
this private stonn sewer systein installed on Lots 2 and 3 of the Lexy, Addy & Presley's Addition in the City
of Fairfax, Linn County, Iowa.
NOW, THEREFORE SE IT RESOLVED, by the City Council of the City of Fairfax, Iowa, that
the Irrevocable Standby Letter of Credit for the private storm sewer systein located on Lots 2 and 3 of the
Lexy, Addy & Presley's Additioiz in the City of FairfaX, Linn County, Iowa, as provided by
DGOGFAIRFFAXIA02172021 LLC, is hereby acknowledged and approved on the part of the City of
Fairfax, Linn County, Iowa.
BE IT FURTHER RESOLVED, by the City Council of Fairfax, Iowa, that the Mayor and the City
Clerk/Treasurer are hereby authorized and directed to execute said Resolution.
Passed and approved this 10`�' day of May, 2022.
AYES: Nurre, Daly, Pacha, Volk, and Wainwright
NAYS: None
ATTEST:
� �1
C thia Stimson, City Clerk/Treasurer
��� �
�f-���J /����-� �_�����ifi;�[ri4dB�.. �.,.�,E
Burnell Friedeil Mayor �<�� � � � �� ��._
,,�,.,.
� � �w��° ��-x
� "s,F: ��"
' rt ,
� °;���� . �
a �; �
a Y �' "
; � � � a
'+hya
��� :� �
�4 ,Q.g.
�.;�.
, ��h rd�����