Archive for Thursday, February 20, 2003

Whispering Meadows ready to roar

February 20, 2003

After several years of arrested development, it appears Mutual Savings of Leavenworth will breathe new life in the Whispering Meadows project planned for east of C&S Market.

Eudora Planning Commission Chairman Kurt von Achen said officials with Mutual Savings, which acquired title to the subdivision after bankruptcy stalled the original developers, expressed interest in starting its 37-home first phase as soon as possible.

City Administrator Mike Yanez said representatives from Mutual Savings had met with city personnel to talk about the infrastructure needed to finish the project. Yanez said developers were working with city staff and the city's engineering firm.

"It's only a matter of time before we start seeing some dirt moved out there," he said.

According to a memo to the city from Mutual Savings President David Hoppes, the developer plans to finish the 80-lot subdivision using Meadows Construction of Tonganoxie as the project's contractor, to complete the remaining infrastructure.

To cover the $1.3 million cost to finish the subdivision, Mutual Savings proposed the city allow it to issue an irrevocable standby letter of credit for that amount rather than bonding, and the Eudora City Council approved doing so Feb. 10.

Letters of credit were not insured or guaranteed, City Attorney Jerry Cooley said, but instead relied on the reputation of the company. However, the issuer can't revoke them without approval of the city. Cooley said bonds were typically not available for this type of project.

According to Hoppes, a letter of credit would save the developer between $13,000 and $15,000, as well as allow the project to get up and rolling more quickly.

Cooley said, "They're ready to get digging."

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