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Agenda Item Id: Item Title RELEASE OF FINANCIAL ASSURANCES WITH RE GILLESPIE 1, LLC C Number: C-44-14-040-M-00 Action Requested: Approve the release of an Irrevocable Standby Letter of Credit in the amount of $432,000.00 issued by Mizuho Corporate Bank, Ltd. on behalf of RE Gillespie 1, LLC and relating to the RE Gillespie 1 Solar Generating Facility, in accordance with the Development Agreement executed between Maricopa County and RE Gillespie 1, LLC on January 23, 2013, under C-44-13-072-3-00. Board Required Information: Additional Information: On November 16, 2011, the Board of Supervisors approved a Special Use Permit to allow a photovoltaic solar generating facility under zoning case Z2011034. The conditions of approval required the developer to provide financial assurances and to enter into a Development Agreement with Maricopa County. RE Gillespie 1, LLC and Maricopa County entered into that agreement on January 23, 2013, while Mizuho Corporate Bank, Ltd. issued the Letter of Credit. The terms of the Development Agreement require the applicant to join with Maricopa County in a request to the Board of Supervisors to release said financial assurances upon completion of the facility and satisfactory close-out of all related construction permits. The facility is complete and all related construction permits have achieved final inspections. The property is located in Supervisor District 5. Expenditure Impact By FY: n/a Item Notes: Is there a Financial Impact? no Is there related Managing for Results information? no n/a General Item Information Department: Planning and Development Department Constellation: Contact Name: Kathy Semder Phone Number: 602-372-0980 Return To: Kathy Semder Phone Number: 602-372-0980 Location: Supervisors' Auditorium Board: Meeting Date: 1/29/2014 Item Tracking