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An independent project organizing public records from the City of Nowthen, Minnesota. Not an official city site. Documents and votes are sourced from cityofnowthen.gov; interpretations are AI-extracted and may need correction.

Home/Money/Clusters/$450,000

Cluster · other · no year

$450,000

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Letter of credit required as financial security for infrastructure improvements in Breyen's Bend.

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1docs

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Date range

2021-01-12 — 2021-01-12

Every document that mentions this number (1)

Meeting City Council Meeting — Agenda Packet (2021-01-12)Jan 12, 2021p.4raw: $450,000
PDF →Auto-extracted
Letter of credit required as financial security for infrastructure improvements in Breyen's Bend.
The Developer will provide the City with an irrevocable letter of credit (or other surety as approved by the City Attorney), the "Letter of Credit" as security that the obligations of the Developer to the City under this Agreement shall be performed. The Letter of Credit shall be in the amount of $450,000 representing the sum of 125% of the estimated cost of the City's Infrastructure Improvements as determined by the City Engineer.