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HomeMy WebLinkAboutRESOLUTION NO. 2010-59 RESOLUTION NO. 2010-5,9 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 $45,681.19 to make partial payment for work completed on these public improvements. This reduction will effectively reduce the Letter of Credit to $50,721.65. 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 $50,721.65 for the completion of the public improvements in Prairie Creek Estates Fifth Addition to 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 are hereby authorized and directed to execute said Resolution. Passed and approved this 14'h day of December, 2010. AYES: Beer, Frieden, Otto,Magers, and Wainwright NAYS: None ABSENT: None Jason,Rabe Mayor ATTEST: 4 Cynt is Stimson City Clerk/Treasurer LL & HALL ENGINEERS, INC. I errrlxr•a in l.rtarcl Ucarlu/inferr!Since 193 i December 8, 2010 Honorable Mayor and City Council City of Fairfax, Iowa P.D. Box 337 525 Vanderbilt Street Fairfax, IA 52228-0337 Re: Draw No. 2 on the Letter of Credit for Prairie Creek EstatesFifth Addition Honorable Mayor and City Council, We have reviewed the invoice submitted by Eggleston Concrete Contractors, Inc. (see attached')for street paving installed for Ri gieview Drive and 2 d Street within the Prairie Creek Estates Fifth Addition. We have provided construction observation and portland cement concrete pavement testing throughout the installation of these streets, and we have inspected the project site to verify that the pavement quantities are consistent with this request. Based upon this, we recommend the second draw from the Letter of Credit be in the amount of$45,681.19 to cover the public improvements that have currently been installed. This will effectively reduce the remaining Letter of Credit to $50,721,65. Respectfully Submitted, t ,5S-�4, Shane R. Wicks, P.E. Hall and Hall Engineers, Inc, CC Jeff[ben, Synergy Development Group, L.L.C. Ruth Nebergall, Guaranty Bank and Trust Company Eggleston Concrete Contractors, Inc. Encl, CIVIL ENGINEERING • LAND SURVEYING • LAND DEVELOPMENT PLANNING LANDSCAPE ARCHITECTURE 1850 Boyson Road • Hiawatha,IA 52233 • P1019,362,9548 • Fx:3II9.362.7595 • www.halleng.com 3 .Y r Y BILL TO: 2. P.C1.NurdTJ3E .. RUrariT E: .D� cRiPt[uN r _.aa 3 EtATe A4410UMT, :::': "S''si r -. ""u'a a r,� ➢ E i,. .er..8r. E .i l.,1•.. ,.r. �:�. i.s. I a - T.'3, - E„rr,�x;' as J. 15 _-,➢ t ! ➢»t r o- r-�- 1 a it ➢ as-W.:x e 1 1.,r s r - ', - Y 3:..3 n..�,l d [,...; A. ,�� �$ ,.5�i .Ir'• "hY' _t..-�e, u; 1-x' 4 Y. �e. r" }x�;::,3 i$ i x.': ( l L.._j t..a,'!!.�'�.� t °..,;,�t 'ty ti ;a..,tl >.�,! .� .�r r,.:. +�, µ-.,x:ae. [as r �.a..,. i[4a ?er7.131r.s''xi�a ➢+tae` !;&'.i$._ra➢:] to 13„ax ->,�e � � R a- - ` .� - s ➢ r l a.� t a -rt yt. r iii ?. -7 z c..�'�[�➢� 3 yu'rr7➢,aaFdrEa xa xi n h - e Ir,M1 '�'.'n a es Y 4 ;-} ➢ .L i '4 3..1._4 ! emF.4.3 ...➢..,,...& nm iii. 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