2001-07-16 LOC Reduction
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LAND DEVELOPMENT COMP i'~
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 4t11 Addition
Dear Mr. Carlson:
We have finished paving the final lift on this project. We adjusted the catch basin inlet grate on the south
side of the street due to minor ponding. All the big pipe has had a full year of warranty. We therefore
request a draw down of the LOC to commence the second year warranty period. Please process a
reduction to the LOC for all items and schedule the streets and utility work for City acceptance.
The golf course staff will be maintaining any plantings within the cuI de sac island when installed during
the fall of 2001. Our proposed surety to remain is as follows:
Cedar Creek South 4th Utility Warranty Karston Circle
$ 36,517 * 50/0
$ 39,444 * 5%
$ 1,826
$ 1 ,972
Street work completed with 5% warranty
Project Total security in letters of credit
$3,798
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 ,vas completed per City standards. Please authorize a
reduction to the LOC from the current balance to $3,798 effective August 6 or sooner. Please schedule
this item for the next Council meeting and notify Northeast State Bank at 362-3264 (fax 362-3240)
accordingly upon your agreement with my math above. If you have any questions, please contact me.
Sincerely,
Development Director
L
Cc:
Kent Roessler, Pilot
John Wilczek - Meyer -Rohlin
Linda Goeb - Albertville
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13736 Johnson Street NE · Ham Lake, MN 55304 · 757-9816 · Fax: 757-4094