HomeMy WebLinkAboutRESOLUTION NO. 2011-07 RESOLUTION NO. 2011-07
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
$17,242.50 to make partial payment for work completed on these public improvements..
This reduction will effectively reduce the Letter of Credit to $33,479.15.
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 $33,479.15 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 25day of January, 2011.
AYES: Beer,Frieden,Magers, and Wainwright
NAYS: None
ABSENT: Otto
Jason/ abe
Mayor
ATTEST:
r r,.
Cyn a Stimson
City lerk/Treasurer
..... ... ...... ..
HALL & HALL ENGINEERS, I
Lerrrla-'n hi L,arlrl Dtodolwiew 5imv 1953
January 19, 2010
Honorable Mayor and City Council
City of Fairfax, Iowa
P.O. Box 337
525 Vanderbilt Street
Fairfax, IA 52228-0337
Re: Draw No. 3 on the Letter of Credit for Prairie Creek Estates (Fifth Addition
Honorable Mayor and City Council,
We have reviewed the invoice submitted by Schrader Excavating and Grading Co. (see attached)for
work completed on the public improvements for Prairie Creek Estates Fifth Addition relative to the letter
of credit submitted by Synergy (Development Group, L.L.C. We have completed an on-site inspection
of these improvements to verify that the public facilities installed are consistent with this request.
Based upon this, we recommend the third draw from the Letter of Credit be in the amount of
117,242,50 to cover the public improvements that have currently been installed. This will effectively
reduce the remaining Letter of Credit to $33,479.15.
Respectfully Submitted,
, 'W�-)J'
Shane R.Wicks, P.E.
Hall and Hail Engineers, Inc.
CC: .Teff(ben, Synergy Development Group, L.L.C.
Ruth Nebergall, Guaranty Bank and Trust Company
Shane Schrader, Schrader Excavating and Grading Company
Encl.
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