Recently the City of Las Cruces (New Mexico) began revamping our development review process which includes reviewing the roles and responsibilities of the various parties involved, streamlining the review process, and ensuring that appropriate documentation is available, both internally and externally. As part of this process, I have the following questions about letters of credit:
At what point in the process do you require letters of credit?
Do you have a particular staff member who handles the letters of credit, or does each planner share this responsibility?
How do you track them for expiration dates?
What is the trigger for releasing letters of credit? Do you have a percent completed number that governs this decision?
Sr. Operations/Management Analyst