HomeMy WebLinkAboutRESOLUTION NO. 2017-97 RESOLUTION NO. 2017-97
RESOLUTION ACCEPTING A MODIFIED LETTER OF CREDIT FOR
THE PUBLIC IMPROVEMENTS IN
HEARTLAND HEIGHTS IST ADDITION
WHEREAS, the City of Fairfax approved the Final Plat of Heartland Heights First
Addition in the City of Fairfax, Linn County, Iowa, and The Development Agreement for said
Heartland Heights First Addition, on March 14, 2017; and
WHEREAS, the Iowa Lot Development, L.L.C. had previously submitted an Irrevocable
Standby Letter of Credit to cover the costs of the public improvements yet to complete; and
WHEREAS, the Iowa Lot Development, L.L.C. has now submitted a reduced Irrevocable
Standby Letter of Credit for approval to cover the costs of the public improvements yet to complete
due to the fact that some of the public improvements have been completed; and
WHEREAS, Hall and Hall Engineers, Inc., have reviewed the reduced Irrevocable
Standby Letter of Credit and find it in order.
NOW, THEREFORE, BE IT RESOLVED that the Fairfax City Council does replace
the previously submitted Irrevocable Standby Letter of Credit with the newly submitted reduced
Irrevocable Standby Letter of Credit for Heartland Heights First Addition.
BE IT FURTHER RESOLVED,by the City Council of the City of Fairfax, Iowa, that
the Mayor and City Clerk are hereby authorized and directed to execute said Resolution and the
required paperwork to replace the Irrevocable Standby Letter of Credit on file.
Passed and approved this 14th day of November, 2017.
AYES: Beer, Daly, Volk, and Wainwright
NAYS: None
ABSENT: Kell
Burnell G. Frieden, Mayor
ATTEST:
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y hia Stimson, City Clerk/Treasurer ,.