1999-12-19 LOC Reduction Recommendation
.
MEMORANDUM
605 Franklin Avenue NE, P.O. Box 51, St. Cloud, MN 56302-0051
320.253.1000
800.346.6138
320.253.1002 FAX
TO:
Linda Goeb
City Administrator
Albertville, Minnesota
FROM:
Peter 1. Carlson, P.E.
City Engineer
DATE:
December 16, 1999
RE:
Letter of Credit Reduction
Cedar Creek North 2nd Addition
SEH No. A-ALBEV 0001.00 D25
I reviewed the work completed to date and recommend the surety for Cedar Creek North 2nd Addition be
reduced to no less than $41,000. This amount represents 5 percent of the construction cost of this project. It
is the City's policy to maintain 5 percent in the letter of credit in the second year following completionof the
work. There should be no further reduction ofthis letter of credit until October 2000.
djg
c: Mike Couri, City Attorney
Don Jensen, Pilot Land Development
Meyer-Rohlin
Mike Czech, SEH.RCM
w. lalbev\corrlde 16a-99-M. frm
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