1993-06-03 Partial Payment Request
MEYER-ROHLIN, INC.
ENGINEERS-LAND SURVEYORS 1111 Hwy. 25 N., Buffalo, Minn.55313 Phone 612-682-1781
June 3, 1993
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
credi t 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% =
($103,372.36 - [$2772.86 x 95%]) x 57% = $57,420.74
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 $57,420.74.
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