Approve Routine Electric Line Extension Agreement for Pebblebrook Subdivision Phase 1 W.O. 9596C ($282,893.41):

Staff recommends that the Board approve the routine Electric Line Extension Agreement for Pebblebrook Subdivision Phase 1, associated with W.O. 9596C in the amount of $282,893.41. Under our current Policy, the Developer is allowed one of two options for paying the estimated cost of construction. Mr. Will Crumbaugh, Member of Pebblebrook Development 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 American Founders Bank of Frankfort Kentucky. The letter of credit will be payable in three installments.