| Item Title: | Public Works - Partial Reduction of Const. Security letter in Gateway Estates Unit 1 Replat F |
| Submitted By: | Norma R. Palacios, Director, Public Works Department (915) 546-2015 |
| Subject: | Approve and authorize the County Judge to sign the Partial Reduction of Construction Security letter for the subdivision improvements located in Gateway Estates Unit One Replat F. |
| Background: | The Developer (GFA, LLC) for Gateway Estates Unit One Replat F provided a construction security in the form of an irrevocable letter of credit in the amount of $1,586,148.00 to assure the construction of the subdivision improvements as a condition to record the subdivision plat. This amount was based on the value of the improvements that were pending at the time the plat was filed on December 18, 2017. Since then, considerable progress has been made in the construction of the improvements. The Developer has requested a partial reduction to the construction security in the form of an amended irrevocable letter of credit in the amount of $158,614.80, which is based on the value of the pending subdivision improvements at this time. |
| Fiscal Impact: | None |
| Recommendation: | Approve and authorize the County Judge to sign the Partial Reduction of Construction Security letter for the subdivision improvements located in Gateway Estates Unit One Replat F. |
| Prior Action: | 6-29-15 Variance Approval (Item 3-G)
12-18-17 Plat Approval (Item 22)
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| Strategic Plan: | .. |
| Strategic Plan Information: | |