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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/$170,000

Cluster · other · no year

$170,000

Verified

Letter of Credit reduction for Breyen's Bend development.

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1docs

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Date range

2021-08-10 — 2021-08-10

Every document that mentions this number (1)

Meeting City Council Meeting — Agenda Packet (2021-08-10)Aug 10, 2021p.13raw: $170,000
PDF →Auto-extracted
Letter of Credit reduction for Breyen's Bend development.
In accordance with the Development Agreement, the Developer has requested a reduction in the financial security based on work completed to date. We have reviewed the project status and recommend that the Letter of Credit may be reduced at this time. SOURCE OF FUNDING: N/A - All development costs are borne by the Developer REQUESTED COUNCIL ACTION: City Council to approve the Letter of Credit reduction to and instruct the City Clerk to send a letter to the Developer's Financial Institution informing them of the reduction to $170,000.
Reasoning: This is a financial security held by the city, being reduced.