2004-10-18 LOC Reduction
October 18, 2004
Mr. Pete Carlson, P.E.
SEH
113 South Fifth Ave.
P.O. Box 1717
Sf Cloud, MN 56302
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Dear Mr. Carlson,
3030 Centre Pointe Drive
Suite 800
Roseville, Minnesota 55113
telephone 6 5 1 , 5 5 6 ' 4 5 5 0
facsimile 6 5 1 . 5 5 6 . 4 5 5 1
A significant amount of the utilities have been installed and street const ction has
commenced in part of Towne lakes 5th. I have attached a copy of App ication for Payment
No. 1 which indicates the work completed and paid to date. Based on t e pay estimate the
cost to complete the remaining public utilities and streets improvements n Towne lakes 5th
is $ 946,059.28. ($1,149,193.03 - $203,133.75)
The letter of Credit from Alliance Bank supplied for Towne lakes 5th is n the amount of
$1,392,861.45 which represented the sum of 100% of the estimated cos of Municipal
Improvements ($1,133,068.45 per development agreement), 50% of th on and off site
improvements ($36,000), and 150% of the estimated cost for landscapin ($223,792.00).
Listed below is a breakdown on the remaining items to be completed.
Item
Contract amount
Work comoleted to date
Streets/Utilities
$1,149,193.03
$203,133.75
$0
On/off site Imp (per D.A.) $36,000
landsca 223 792.00
o
Total
$1,408,985.03
$203,133.75
Balance to Finish
$946,059.28
$36,000.00
223 792.00
$1,205,851.28
We respectfully request the city consider a letter of credit reduction of $1 7,010.17
($1,392,861.45 - $1,205,851.28 ) to leave a balance of $1 ,205,851.28 to uarantee the
remaining municipal, on/off-site improvements and landscaping in Town lakes 5th.
Please submit this request to the City Council for consideration at the next available meeting.
Your assistance in this matter is greatly appreciated. If you have any questions please feel
free to contact me.
Sincerely
David Hempel
Project Manager
Ene!. Pay Est. NO.1
Excerpt from 5th Addition Development Agreement
Cc Mike Waldo
- .