FINANCIAL_SERVICESPENDING

City of Cedarburg Common Council Meeting Agenda Packet May 2026

City secures new letter of credit for Stone Lake Phase 2

$163,260 Phase 2 letter of credit; $92,055 existing Phase 1 letter of credit (remaining)City of CedarburgSTONE LAKE DEVELOPMENT INCMay 11, 2026

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Description

As part of the Stone Lake Condominiums Phase 2 development, Stone Lake Development, Inc. must provide a $163,260 letter of credit to the City of Cedarburg to secure completion of utilities, roads, and related improvements. The financial guarantee supplements an existing $92,055 Phase 1 letter of credit and ensures public infrastructure will be completed to City standards.

Contract Details

Contract Amount

$163,260 Phase 2 letter of credit; $92,055 existing Phase 1 letter of credit (remaining)

Vendor

STONE LAKE DEVELOPMENT INC

Agency

City of Cedarburg, WI

Contract Type

FINANCIAL_SERVICES

Document Date

May 11, 2026

Contract Term

Phase 2 guarantees effective no later than 30 days before construction start, covering work through installation of final asphalt within 14 months of binder course and within guarantee period

Renewal Date

2027-01-31

Renewal Info

Financial guarantees may be drawn upon by the City to complete listed improvements if the developer defaults; no renewal provisions are detailed, but guarantees remain until obligations under the development agreement are met.