HomeMy WebLinkAboutRESOLUTION NO. 2010-55 RESOLUTION NO. 2010-55
RESOLUTION REDUCING THE AMOUNT OF THE LETTER OF
CREDIT FROM GUARANTY BANK AND TRUST COMPANY FOR
PUBLIC IMPROVEMENTS IN PRAIRIE CREEK ESTATES FIFTH
ADDITION TO THE CITY OF FAIRFAX, LINN COUNTY, IOWA
WHEREAS, Synergy Development Group, L.L.C. has requested a reduction in
the amount of the Letter of Credit approved by Resolution for the completion of the
public improvements in Prairie Creek Estates Fifth Addition, and
WHEREAS, Hall and Hall Engineers, Inc. has reviewed the public improvements
currently installed and recommends a reduction in the amount of this Letter of Credit by
$78,597.16 to make partial payment for work completed on these public improvements.
This reduction will effectively reduce the Letter of Credit to $96,402.84.
NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of
Fairfax, Iowa,that the Letter of Credit from Guaranty Bank and Trust Company is hereby
revised to the amount of $96,402.84 for the completion of the public improvements in
Prairie Creek Estates Fifth Addition to the City of Fairfax, Linn County, Iowa.
8E IT FURTHER RESOLVED, by the City Council of Fairfax, Iowa, that the
Mayor and the City Clerk are hereby authorized and directed to execute said Resolution.
Passed and approved this 9rb day of November, 2010.
AYES: Beer, Frieden, Otto,Magers, and Wainwright
NAYS: None
ABSENT: None
Jason Rabe,/Mayor
ATTEST:
Cyn 'a Stimson, City Clerk/'Treasurer