City Council Minutes 1991 08 20 - Laserfiche WebLink

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Mayor Fauson moved that the Consent Calendar be approved as amended, seconded by Davidson. All in favor. , CONSENT CALENDAR APPROVAL OF BILLS APPROVAL OF RENEWAL OF LIQUOR LICENSE - KAREN'S COUNTRY KITCHEN,INC. APPROVAL OF STREET CLOSURE - 56TH LABOR DAY CELEBRATION - THURSDA Y, AUGUST 29 - MONDAY, SEPTEMBER 2ND PUBLIC COMMENTS NONE REGULAR BUSINESS PRESENTATION - COLORADO RECYCLES AWARD - GLEN HUEY (ITEM WAS PULLED AND RESCHEDULED FOR SEPTEMBER 3RD COUNCIL MEETING) DISCUSSION/DIRECTION - CHANDELLE PROPERTIES LETTER OF ASSURANCE Peter Cudlip, Louisville Plaza, Inc. Cudlip: Cudlip explained to Council that Louisville Plaza, Inc. was requesting an amendment to their subdivision agreement. We are requesting to change the requirement of the letter of credit on the public improvements to be placed on the Louisville Plaza project to a letter of assurance from the bank. The main reason this has come about is Louisville Plaza, Inc. had in good faith negotiated the subdivision agreement with the City over the past year. Just before closing the bank informed Louisville Plaza that they did not want to provide a letter of credit. Previously during discussions and negotiations with the bank they had assured Louisville Plaza, Inc. that there was no problem with a letter of credit. Now have come back and said all they could provide was a letter of assurance. The public improvements for this specific site are water, sanitation and street improvements, they really don't serve any downstream voters and constituents. Mr. Breshnehan owns some adjoining pieces and there is one sewer pipe that does serve him. It is really specific to the site. It is abnormal for this type of project and this size of project to put in the amount of public improvements that we are having to put in to --