Agenda Item # 11.b.
City Commission Regular Meeting
- Meeting Date:
- 05/06/2019
- Re
- Carriage Pointe Letter of Credit transfer
SUBJECT:
Approval of amendment to Letters of Credit No. BOK19SDP02579 and BOK19SDP02577 for Carriage Pointe Land Investors, LLC as a result of the acquisition of the original financial institution.
SUMMARY:
On September 5, 2018, the City received two (2) Irrevocable Standby Letters or Credit from the Colorado Business Bank as part of their Development Agreement. The issuing bank has been acquired by BOK Financial and has provided an amendment to the letter of credit in the same amount issued by the new financial institution.
RECOMMENDATION:
Approve the amendments.
ALTERNATIVES:
Seek alternative security for the project.
RESPONSIBLE STAFF:
Linda W. Cox, City Clerk
COORDINATED WITH:
Planning Department
Finance Department
Finance Department
Fiscal Impact
OTHER INFORMATION:
No fiscal impact.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| City Manager | Nick Mimms | 04/26/2019 09:41 AM |
| City Manager | Nick Mimms | 04/30/2019 03:47 PM |
- Form Started By:
- Linda Cox
- Started On:
- 04/10/2019 04:15 PM
- Final Approval Date:
- 04/30/2019