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Cluster · contract · FY 2025
Irrevocable letter of credit required as financial security for Petersen Acres development agreement.
Not promoted to the official baseline.
This cluster is useful evidence for review. It does not drive the budget simulator until an admin confirms the amount against an official source and promotes it.
Corroboration
1docs
Consensus
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Votes attached
0
Date range
2025-03-11 — 2025-03-11
Irrevocable letter of credit required as financial security for Petersen Acres development agreement.
City Surety Requirements. Prior to the City Council's execution of this Developer's Agreement, the Developer will provide the City with an irrevocable letter of credit (or other surety as approved by the City Attorney) as security that the obligations of the Developer to the City under this Agreement shall be performed. Said letter of credit or surety shall be in the amount of $10,000 representing the sum of 150% of the estimated cost of the City Improvements as determined by the City Engineer.
Reasoning: Explicitly stated as the required surety amount for the development agreement.