HomeMy Public PortalAbout2022-49 Resolution Accepting MSA Review of Woods Estates Phase III for Reduction in Letter of Credit4'
RESOLUTION 2022-49
RESOLUTION ACCEPTING MSA PROFESSIONAL SERVICES' REVIEW
OF WOODS ESTATES PHASE III COMPLETION RATE AND
AUTHORIZING A REDUCTION IN THE LETTER OF CREDIT
WHEREAS, the City of Riverdale, Iowa ("City") is a municipal corporation, organized and operating under
the laws of the State of Iowa; and,
WHEREAS, Woods Construction & Development, Inc., has requested a reduction in the Letter of Credit
for Woods Estates Phase II I; and,
WHEREAS, MSA Professional Services has reviewed the progress of public improvements in Woods
Estates Phase III and recommends a reduction in the Letter of Credit in the amount of $620,000; and,
WHEREAS, upon receipt of MSA Professional Services' invoice, the City will invoice Woods Construction
& Development, Inc., the costs associated with MSA Professional Services' review.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Riverdale, Iowa, that:
Section 1:
MSA Professional Services' recommendation to reduce Woods Construction &
Development, Inc.'s Letter of Credit for Woods Estates Phase III in the amount of $620,000
is accepted, subject to receipt of reimbursement of funds per resolution 2022-41.
Passed and approved this 26th day of July 2022.
APPROVED: ATTEST:
410i-4- (Gz--T.
Anthony Heddlesten, Mayor Kent Royster, City CI rk
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 1 (563) 355-2511 1 www.riverdaleia.org