HomeMy WebLinkAboutRESOLUTION NO. 2006-04 RESOLUTION NO. r
RESOLUTION REDUCING THE AMOUNT OF THE LETTER OF CREDIT
FROM GUARANTY BANK& TRUST COMPANY FOR
PUBLIC IMPROVEMEENTS IN PRAIRIE CREEK ESTATES
FIRST AND SECOND ADDITIONS
WHEREAS, Synergy Development Group, L.L.C. has requested a reduction in
the amount of the Letter of Credit approved in Resolution No. 2005-51 for the
completion of public improvements in Prairie Creek Estates First and Second Additions;
and
WHEREAS, the City Engineer, Hall &Hall Engineers, Inc., have recommended a.
revised amount of$240,000.00 for said improvements.
BE IT RESOLVED, By the City Council of the City of Fairfax, Iowa, that the
Letter of Credit from Guaranty Bank & Trust Company is hereby revised to the amount.
of$240,000.00 for the completion of Public Improvements in Prairie Creek Estates First:
and Second Additions to Fairfax, Iowa.
NOW, THEREFORE, BE IT FURTHER RESOLVED, By the Fairfax City
Council of the City of Fairfax, Iowa, that the Mayor and City Clerk are hereby authorized
and directed to execute said Resolution.
Passed and approved this day of , 2006.
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AYES: " ,a� .� a
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NAYS: // 1 i%
ABSENT:
Bill Voss,Mayor
ATTEST:
Connie Frame, City Clerk
The foregoing Resolution 1' o, 4Lhaving been approved this date by the
Fairfax City Council, I hereby approve the same by affixing my signature as City Clerk
on this qday of w , 2006.
annie Frame, City Clerk
HALL & HALL ENGUNEERS9 INC.
Lca,�rr;in L.ar.+d D•r,ii;Mucw 1),),
February 1, 2006
Honorable Mayor Voss and City Council
City of Fairfax. Iowa
P.O. Box 337
525 Vanderbilt Street
Fairfax, IA 52228-0337'
Re: Prairie Creek Estates
First and Second Addition
Letter of Credit
Honorable Mayor Voss and City Council,
We have reviewed the invoice submitted by Horsefield Construction for
work in Prairie Creek Estates First and Second Additions relative to the letter of
credit amount of $600,000.00 submitted by Synergy Development. Based upon
the invoice and the total value of the contract we estimate there is approximately
$200,000.00 worth of work to complete the improvements in the First and
Second Additions. Subject to the payment to Horsefield Construction by Synergy
Development of the amount of the invoice, we recommend the amount of the
letter of credit be reduced to $240,000.00. This is 20% more than the estimated
value for the work remaining and should provide adequate funds should the City
need to complete the work,,
Respectfully Submitted,
'Richard C. Ransom, P.E.
City Engineer
Cc:
Synergy Development
Kevin Carlson, Guaranty Bunk
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