2005-10-13 LOC Reduction
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SEH
MEMORANDUM
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TO:
Larry Kruse
Albertville City Administrator
~obert Moberg, PE
Project Manager
FROM:
DATE:
October 13, 2005
RE:
Albertville, Minnesota
Towne Lakes 3rd Addition
Acceptance of Public Improvements
Letter of Credit Reduction
SEH No. A-ALBEV031O.oo
SEH has reviewed the developer's request for the City to accept the public improvements installed with
the development and to reduce the Letter of Credit. A site review was conducted on October 13, 2005.
Streets and utilities have been completed in accordance with the approved plans. Landscaping work for
the site has also been completed.
SEH recommends that the Letter of Credit be reduced from $155,100 to $57,900. The remaining balance
is 10% of the original Letter of Credit and is in accordance with the terms of the developer's agreement.
SEH also recommends the public improvements installed with the development be accepted by the City.
Please call me at 651.490.2147 if you have any questions.
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c: Mike Couri, City Attorney
Tina Lannes, City Finance Director
Dave Hempel, CPDC
x:laelalbev\connnon\0310Iloc_092605.doc
Short Elliott Hendrickson Inc., 3535 Vadnais Center Drive, SI. Paul, MN 55110-5196
SEH is an equ~1 opportunity employer I www.sehinc.com I 651.490.2000 I 800.325.2055 I 651.490.2150 fax