1999-12-16 LOC Reduction Recommendation
It
"';SeJ:tClll
e
MEMORANDUM
605 Franklin Avenue NE, P.O. Box 51, Sl. Cloud, MN 56302-0051
320.253.1000
800.346.6138
320.253.1002 FAX
TO:
Linda Goeb
City Administrator
Albertville, Minnesota
FROM:
Peter J. Carlson, P.E.
City Engineer
DATE:
December 16, 1999
RE: Letter of Credit Reduction
Karston Kove
Albertville, Minnesota
SEH No. A-ALBEV 9810.00 14.00
I reviewed the work completed to date and recommend the surety for Karston Kove be reduced to no less than
$26,000. 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 completion of the work. There should
be no further reduction of this letter of credit until October 2000.
djg
c: Mike Couri, City Attorney
Don Jensen, Pilot Land Development
Westwood Engineering
Mike Czech, SEH.RCM
w :lalbevl981 Olcorrlde 16a-99-M ffm
Short Elliott Hendrickson Inc.
Offices located throughout the Upper Midwest
We help you plan, design, and achieve
Equal Opportunity Employer