1996-10-02 LOC Reduction
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October 2, 1996
Mr. Pete Carlson - SEH
c/o Mr. Gary Hale
City Administrator
5975 Main Avenue NE.
Albertville, MN 55301
13736
~~1~.J 55304 ~ '757-4052
N,E, · HEHTI
RE: Letter of Credit Reduction for Parkside 3rd Addition
Dear Mr. Carlson:
During the last 2 months, substantial work has progressed on the project. Kenco has paid
both our grading contractor and utility contractor for work progress. In addition, due to
easement acquisition not concluded by the City, Kenco acted and purchased easements
from the Barthel family which you are aware to expedite the 60th Street trunk sewer
project. Surety for the 60th street project was not forwarded to the City pending
acquisition of the City easements. Therefore, the plat was not able to be released to
Kenco for recording.
At this time, Kenco forwards adjusted bid prices for the sewer connect project. In
addition, our first lien waiver to Brown & Cris for utilities is included. The reduction to
the LOC on file of $410,841.78 is able to occur, less the $128,902 in direct costs
projected for the sewer project net a requested reduction of $281,939.78 and release of
the final plat mylars for recording.
Please notify our bank accordingly. They have begun the process to amend text on the
letters of credit to add the related projects to the LOC heading.
Land Development Director
attachment:
Northeast Bank LOC test request. cost estimate, lien waiver
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