1994-07-27 Partial Payment Request
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MEYER-ROHLIN, INC.
ENGINEERS-LAND SURVEYORS 1111 Hwy. 25 N., Buffalo, Minn.55313 Phone 612-682-1781
July 27, 1994
City of Albertville
c/o Linda Houghton, Clerk
Box 131
Albertville, MN 55301
RE: Parkside utilities and street
Albertville, Minnesota
Honorable Mayor and City Council:
The contractor for the above-referenced project has requested partial
payment for work completed to date. See the attached payment
recommendation to the developer. Since the developer is making payment
to the contractor with a portion of the letter of credit deposited with
the City to guarantee completion of the project, the City must
therefore approve a reduction in the letter of credit. The amount of
the reduction is as follows:
Reduction = (partial payment - [change orders x 95%]) x 57% =
($166,336.02 - [$0.00 x 95%]) x 57% = $94,811.53
The reason that the change order work has been factored out in the
reduction calculation is that it is not included in the letter of
credit deposited with the City.
Since the work performed by the contractor reflected by this amount has
been completed, we recommend that Kenco Construction, Inc. 's letter of
credit be reduced by $94,811.53.
If you should have any questions, please feel free to contact me.
Sincerely,
MEYER-ROHLIN, INC.
~~
Norman Gartner
Professional Engineer
cc: Kenco
Latour Construction, Inc.
File S-93124
Thore P. Meyer, Professional Engineer Robert Rohlin, Licensed Land Surveyor