2003-12-08 LOC Release
~DSIDE COMMUNITIES~
OF MINNESOTA INC
December 8, 2003
Mr. Pete Carlson - City Engineer @, SEH
Ms. Linda Goeb - City Administrator
5975 Main Avenue NE.
Albertville, MN 55301
RE: Release of Letter of Credit # 05-01 for Cedar Creek North 3rd Addition
Dear Mr. Carlson:
The fmal punch lists were completed in 2002 in order to place the final lift last year in October. The project
was completed this spring regarding home building. All grading issues on home sites were resolved after
the heavy rain of June. All lots have trees and turf establishment. Warranty work for the project was 10%
of the constructed project costs during the first year and 5% after the first construction season. We have
now passed the second warranty period. Please confirm the release of the above LOC. The original
amounts under surety are shown below.
50/0 Sanitary and Water Utility Warranty
$94,287 * 0%
$85,829 * 0%
$22.960 * 0%
$ 00
$ 00
$ 00
$0
50/0 of storm sewer and street for Warranty
Work left to complete for final lift
Project Total security in letters of credit
Please issue confirmation to our surety provider Northeast State Bank and us regarding the lowering of this
letter of credit. Please process the satisfaction of Development Contract for the title company benefit as
well as our own. As SEH inspectors can verify, all work was completed per City standards. Please
authorize a release to LOC #05-01 from $10,155 to $0, effective December 9,2003. Please schedule this
item for the next Council meeting and notify Maria of Northeast State Bank at 362-3266 (fax 362-3240)
accordingly upon your concurrence with my request. If you have any questions, please contact me.
Vice President of Land Development
Cc:
Paul Kirchoff - Control1er
Maria Orlowski - NESB
Kent Roessler - Pilot Land
Mike Couri - C&M John Wilczek - Meyer Rohlin
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1 6 .E. Jo nson Street -Ham LaKe, 1\111\1 553 4
tel: 763.757.4052 fax: 763.757.4094