HomeMy WebLinkAboutA024 - Council Action Form dated December 22, 1992 ITEM #: /Z
DATE: 12/22/R
COUNCIL ACTION FORM
SUBJECT:
Resolution Authorizing the Mayor to Execute an Acceptance of a Reduced
Letter of Credit for Security for Private Improvements in Prairie West
PUD.
ACTION FORM SUMMARY: The developers of Prairie West PUD are requesting
that the Letter of Credit (LOC) , which is security for the private
improvements in the PUD, be reduced from approximately $52,000 down to
$14,901.
Staff recommends that this request be approved.
BACKGROUND:
As part of the approval of the PUD for Prairie West, the City obtained a
Letter of Credit (LOC) from Bank IV of Topeka, Kansas as security for
private improvements in the amount of $52,212.
These improvements include:
1. Shelter building
2. Sidewalks
3. Playground Equipment
4. Landscaping
5. Wooden Fence
Staff has conducted a site inspection and have determined that one-half of
the landscaping has been installed, all the walkways, parking areas, the
shelter building and the playground equipment, has been installed.
The only remaining items to be completed include:
1. Half of the landscaping
2. Parking lot stripping
3. Seeding
T f
2
Staff believes that the remaining security of $14,901 is sufficient to secure
the completion of the remaining items.
ALTERNATIVES:
1. The City Council can approve of the request to reduce the Letter of
Credit for security on Prairie West PUD and direct the Mayor to sign
the Agreement with Bank IV.
2. The City Council can deny approval of a request to reduce the Letter
of Credit for security on Prairie West.
3. The City Council can table action on this request and refer it back to
staff for additional information.
MANAGER'S RECOMMENDED ACTION:
It is the recommendation of the City Manager that the City Council adopt
Alternative #1. This will approve of the request to reduce the Letter of
Credit as security for private improvements in Prairie West from $52,212 to
$14,901, and direct the Mayor to sign the Agreement with Bank IV of
Topeka, Kansas.
COUNCIL ACTION:
Attachment
h\bpo\caf\prairie.d22