Letter of Credit Accepted For Doubleday Building Permit

The developers of Doubleday Court, a 54-unit condominium complex slated for 301 Franklin Avenue, has now asked the board to accept a letter of credit for the issuance of their building permit.

The property owners originally requested the board accept a $405,200 bond in lieu of the usual cash deposit required under village code, which concerned some trustees earlier this month.

Stefanie Yanick, a lawyer with the firm Walsh Markus McDougal & DeBellis, LLP, which is representing the property owners, addressed trustees June 20.

"If the board were inclined to deny this request we ask that you consider accepting a letter of credit. I believe this was permitted in the case of Adelphi University," she said. "I only ask this now because I believe the board doesn't meet until July 18 and we'd like to move forward with the project."

Trustee John DeMaro again recused himself from all discussion and voting on the matter. The letter of credit was accepted by a 7-1 vote.

To read more about the housing project, click here.