2004-12-10 LOC Reduction Request
3030 Centre Pointe Drive
Suite 800
Roseville, Minnesota 55113
December 10, 2004
telephone 6 5 1 . 5 5 6 . 4 5 5 0
facsimile 6 5 1 . 5 5 6 . 4 5 5 1
Mr. Pete Carlson, P.E.
SEH
113 South Fifth Ave.
P.O. Box 1717
St. Cloud,MN 56302
Re: Request for Reduction in Letter of Credit, Towne Lakes 3rd
Dear Mr. Carlson,
The landscaping, utilities and streets, except the wear course have been installed in Towne
Lakes 3rd. I have attached a copy of Application for Payment No.8 whi h indicates the work
completed and paid to date. Based on the pay estimate the cost to co plete the remaining
public utilities and streets improvements in Towne Lakes 3rd is $124,70 .00. ($1,081,901.92
- $957,195.92)
The Letter of Credit (No.6512-95) from Alliance Bank supplied for Town Lakes 3rd is
currently in the amount of $354,000.00 which represented the sum of 10 % of the estimated
cost of remaining Municipal Improvements, 50% of the on and off site im rovements
($5,400), and 150% of the estimated cost for landscaping (150,000.00). Listed below is a
breakdown on the remaining items to be completed.
Item
Contract amount
Work completed to date
Balance to Finish
Landsca 150000
135 000
$124,706.00
$5,400.00
15000.00
$145,106.00
Streets/Utilities
$1,081,902.92
$957,195.92
$0
On/off site Imp (per D.A.) $5,400
Total
We respectfully request the city consider a letter of credit reduction of $2 8,894.00
($354,000.00 - $145,106.00) to leave a balance of $145,106.00 to guara tee the remaining
municipal, on/off-site improvements and landscaping in Towne Lakes 3r .
Please submit this request to the City Council for consideration at the December 20,2004
meeting. Your assistance in this matter is greatly appreciated. If you have any questions
please feel free to contact me.
Sincerely
~~/~ L;. -/
David Hempel
Project. Manager
Enc!. Pay Est. No.8
Excerptfrom.3rd.Additicm .Development.Agreement
Copy of LOC reduction 6512-95
Cc Mike Waldo