2003-04-30 Letter of Credit Provide
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.
Michael C. Couri*
Andrew J. MacArthur
Robert T. Ruppe"
David R. Wendorf
.Also liceroed in llIinois
COURl & MACARTHUR
Attorneys at Law
705 Central Avenue East
PO Box 369
St. Michael, MN 55376-0369
(763) 497-1930
(763) 497-2599 (FAX)
couriandmacarthur@pobox.com
..Also licensed in California
April 30, 2003
Mike Thomas
Edina Development Authority
700 Industry Avenue
Anoka, Minnesota 55303
Re: Albert Villas 6th Addition
Dear Mr. Thomas:
The purpose of this letter is to advise you that you are required to provide a letter of
credit in the amount of $1,351,643.00 prior to the City releasing the plat for recording.
This amount includes $1,296,443.45 which is the estimated cost of the required
municipal improvements and $55,200.00 which is equal to 50% of the required on and
off-site improvements.
The on and off-site improvements are those improvements required on each lot by
ordinance. These improvements would include driveways, sod and trees etc. This
amount is available to the City if the builders or homeowners do not comply with
applicable ordinances.
The City has as a matter of policy required that the letter of credit include 50% of the
estimated cost of on and off-site improvements. This is nothing new. If you review the
Developer's Agreement for the 4th Addition you will see that it was required at that time.
If you have any questions or comments please contact me.
Sincerely,
Oc:::=J~
David R. Wendorf
Couri & MacArthur