2001-07-16 LOC Reduction
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LAND DEVELOPMENT COMPANY
July 16~ 200 1
l'.u. Pete Carlson - City Engineer @ SEH
V Ms. Linda Goeb - City Administrator
5975 Main Avenue NE.
Albertville, MN 55301
RE: Letter of Credit Reduction for Cedar Creek North Jrd Addition
Dear Mr. Carlson:
On July 13, we paved the development after a satisfactory roll test the day before.
The work left to complete per the contracts is the balance of the fina11~ warranty percentage and
monitoring of erosion control efforts. The amounts for these items are $ 43,348 for the balance of the
project. Warranty work for the project is 100;0 of the constructed project costs during the first year and 50/0
after the first construction season. My proposed surety to remain for Karston Drive is as follows:
10% Sanitary and Water Utility Warranty
$94,287 · 5%
$85,829 · 5%
$22..960 · 1500/012
$9,429
$8,583
$17..220
$35,232
10% of storm sewer and street for Warranty
Work left to complete for final lift
Project Total security in letters of credit
Please issue confinnation to our lender Northeast State Bank and us regarding the lowering of this letter
of credit. As your inspectors can verify, all work was completed per City standards. Please authorize a
reduction to LOC #05-01 from $41,000.00 to $35,232 effective August 6. Please schedule this iteln for
the next Council meeting and notify Maria of Northeast State Bank at 362-3264 (fax 362-3240)
accordingly upon your concurrence with my math above. If you have any questions, please contact me.
Sincerely,
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Land Development Director
Cc: Paul Kirchoff - Controller
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13736 Johnson Street NE · Ham Lake, MN 55304 · 757-9816 · Fax: 757-4094