SUBJECT
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Accept Standby Letter of Credit No. 754018532-L001 as required by the Wynnstone, Cascades & Brentwood Infrastructure Agreement. (No fiscal impact)
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DESCRIPTION
This is a request to accept Standby Letter of Credit No. 754018532-L001 in the amount of $5,049,487.30 associated with the FDC Grove Road improvements related to the Wynnstone, Cascades and Brentwood projects and the related infrastructure agreement. The Wynnstone, Cascades & Brentwood Infrastructure Agreement was approved by the Board on November 21, 2023. As a stipulation of this agreement, a letter or credit is required on standby from the Developer as a safeguard in case said agreed upon roadway improvements are not completed.
RECOMMENDATION
Accept Standby Letter of Credit No. 754018532-L001 as required by the Wynnstone, Cascades & Brentwood Infrastructure Agreement in the amount of $5,049,487.30.
FISCAL IMPACT
No Fiscal Impact.
CONTACT INFORMATION
Thado N. Hays, CPM
Concurrency & Entitlements Manager
Thadohays@polk-county.net <mailto:Thadohays@polk-county.net>