HomeMy WebLinkAboutA025 - Resolution No. 92-446 adopted December 22, 1992 RESOLUTION NO. 92-446
RESOLUTION APPROVING REQUEST TO REDUCE LETTER OF CREDIT
FOR SECURITY ON PRAIRIE WEST PUD AND DIRECTING THE
MAYOR TO SIGN AMENDMENT AGREEMENT
WHEREAS, as part of the approval of the PUD for Prairie West, the
City obtained a Letter of Credit from Bank IV of Topeka, Kansas, as
security for private improvements in the amount of $52,212; and
WHEREAS, Staff has received a request from McPherson Development
Company, Inc. , the developers of Prairie West PUD, asking that the Letter
of Credit be reduced down to $14,901 to cover the private improvements
that remain to be completed; and
WHEREAS, City Staff have conducted a site inspection and have
determined that the requested reduced security is sufficient to secure the
completion of the remaining items.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City
of Ames, Iowa, that the request to reduce the Letter of Credit for security
on Prairie West PUD from $52,212 to $14,901 be approved, and that the
Mayor be directed to sign the amendment agreement with Bank IV of
Topeka, Kansas.
ADOPTED THIS 22nd day of December, 1992.
Sandra L. Ryan, CitV Clerk Larry R. urns,-Mayor"
Introduced by: Campbell
Seconded by: Wirth
Voting aye: Brown, Campbell, Hertz, Hoffman, Parks, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 22nd day of
December, 1992.