Politics & Government
Letter of Credit Remains in Place for Coldwater Creek Development
Sussex doesn't revoke letter after Associated Bank extends the life of the credit.
The developer of the Coldwater Creek subdivision will not lose its $75,000 line of credit from Sussex after it was able to obtain a credit extension from Associated Bank.
The Village Board was set to revoke the line of credit when it expired on Monday. However, village officials halted the item after they were informed of the extended line of credit from the bank.
The letter of credit was extended to MLG Limited Partnership to build the fifth and final phase for the subdivision to help the developer pay for roadway, water and sewer improvements to the development.
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Without the extension from the bank the village would had needed to rescind the letter of credit, which was slated to expire Aug. 1.