2001-07-16 LOC
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LAND DEVELOPMENT COMPANY
July 16, 2001
Mr. Pete Carlson - City Engineer @ SEH
Ms. Linda Goeb - City Administrator
5975 Main Avenue NE.
Albertville, MN 55301
RE: Letter of Credit Reduction for Cedar Creek South 3rd Addition
Dear Mr. Carlson:
We have recently places the final lift along with a review for curb damage prior to placement. We have
completed all the utility work and passed through the first year warranty period without any notice of
deficiency. On July 13 we placed a patch for a curb stop box which was not turned on in error and placed
a surmountable casting on a storm sewer inlet which was in a driveway location. I am not aware of any
other issues regarding final release of this project. Please process a reduction to the LOC for all items
including the final warranty and process a final acceptance of the streets and utility work.
We have installed sidewalks on Karston Avenue and erosion control fence to protect the trails and
tracking. The golf course staff has seeded all areas behind the curb. Only a few lots are left to be built out.
Except for surety on the Kenco private improvements, it would be time to authorize the receipt of the
warranty bond from Latour Construction.
My proposed surety to remain is as follows:
Streets and Utility (5%) Warranty Karston Ave.
5 lots left to sod and landscape
$188,459 * 05% =
$ 1000 * 5
$0 to $ 9,423
$5 _ 000
Project Total security in letters of credit
$0 to $14,423
Please issue confirmation 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 the LOC from the existing surety to as low as the development contract will allow, effective at
the next Council meeting. Please schedule this item for the next Council meeting and notify Northeast
State Bank at 612..362..3264 (fax 612-362..3240) accordingly upon your agreement with my math above.
If you have any questions, please contact me.
Si~cerely ,
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Donald Jerlsen
Land Development Director
Cc:
Kent Roessler, Pilot
John Wilczek - Meyer -Rohlin
1
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13736 Johnson Street NE · Ham Lake, MN 55304 · 757-9816 · Fax: 757-4094