2005-10-31 LOC Reduction
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SEH
TO:
Larry Kruse
Albertville City Administrator
~obert Moberg, PE
Project Manager
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MEMORANDUM
FROM:
DATE:
October 31, 2005
RE:
Albertville, MN
Towne Lakes 5th Addition
Letter of Credit Reduction
SEHNo. A-ALBEV0417.00
I have reviewed the developer's request to reduce the Letter of Credit and I have also reviewed the work
completed to date. Street, sidewalk, utility and boulevard sodding has been completed. The final lift of
blacktop and landscaping will not be completed until next year. I recommend that the Letter of Credit be
reduced from $569,000 to no less than $460,000. The reduced balance will be adequate to cover the cost
of the remaining public improvements, offsite improvements, and landscaping.
For your information, we will be working with the City Engineer to develop a construction punch list that
will carry forward to next year. Once the punch list has been generated, SEH will be completed with its
responsibility of overseeing this project.
Please call me at 651.490.2147 if you have questions.
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x:\aelalbevI041700lwordlloc 1031 05.doc
c: Tina Lannes, City Finance Director
Mike Couri, City Attorney
Dave Hempel, CPDC
Short Elliott Hendrickson Inc., 3535 Vadnais Center Drive, SI. Paul, MN 55110-5196
SEH is an equal opportunity employer j www.sehinc.com I 651.490.2000 I 800.325.2055 I 651.490.2150 fax