Approve Routine Electric Line Agreement for The Villas at Berry Hill, W.O. 9852C - $170,303.94:

Staff recommends that the Board approve the Routine Electric Line Agreement for The Villas at Berry Hill associated with W.O. 9852C in the amount of $170,303.94.  Under our Policy, the Developer is allowed one of two options for paying the estimated cost of construction.  Mr. Scott McGraw, Member of Hinton-McGraw Berry Hill, LLC, chose Option Two which states the Developer must submit a letter of credit for the amount of the contract and the lending institution providing the letter of credit must be approved by the Board unless they are a local institution.  The lending institution is Irwin Union Bank, F.S. B. located in Louisville, Kentucky .  The letter of credit will be payable in three installments.