THE CORPORATION OF THE CITY OF PORT COQUITLAM
MEMORANDUM C 0 U N C | [

JUN 43 1983

TO: B. Kirk, June 09, 1983
City Administrator

FROM: F.E. Peters., P. Eng.,
City Engineer

SUBJECT: Extension of Letter of Credit for P.C.S. Industries
Ltd. - Public Works Committee June 07, 1983.

RECOMMENDATION:

That P.C.S. Industries Ltd. be allowed to extend their letter
of credit from June 30, 1983 to December 31, 1983.

BACKGROUND AND COMMENTS:

P.C.S.. Industries have reached an agreement with George
Karamanolis regarding construction and cost sharing of an
access from the Lougheed Highway to the West end of the
Lougheed=Meridian frontage road. They are in the Process of
negotiating with the Department of Highways for an acceptable
plan. The existing letter of credit from P.C.S. expires June.
30, 1983. We do not wish to draw on this letter of credi+
until they have had full opportunity to explore the
alternatives. We recommend that the letter of credit be
extended to December 31, 1983 which will allow completion of
negotiations with the Department of Highways and possible
construction of the access, should it be approved. As a city
we do not Jose any contro! over the servicing of the P.C.S.
Industries development as fong as we retain the letter of

credit. fo
D_.

F.E. Peters, P. Eng.
City Engineer

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