2006-01-09 LOC Reductioni
BOt-TON & f\/I F= N K , I Nam_
Consulting Engineers & Surveyors
12224 Nicollet Avenue • Burnsville, MN 55337-1649
Phone (952) 890-0509 • FAX (952) 890-8065
January 9, 2006
Mr. Larry Kruse, City Administrator
City of Albertville
5975 Main Avenue NE
P. O. Box 9
Albertville, MN 55301
RE: Hunter's Pass Estates
Letter of Credit Reduction
BMI Project No. T15.21657
Dear Mr. Kruse:
Based on completed work, Minnesota Development Agency, LLC has requested a reduction to Letter of
Credit No. 8815-0805DI. Upon review of the completed work and accounting for work outstanding, it is
recommended that the Letter of Credit be reduced from $2,230,380 to $427,320, as shown in the table
below.
Hunter's Pass LOC History
unicipal Improvements
San. Sewer
Watermain
Storm Sewer
Streets
Ponds &Drainage
Grading
Misc.
Street Lighting
i- and Off -Site Improvements
ndscaping
& Monitori
Estimated
Original L.O.C.
Adjusted L.O.C.
Project Costs
(Reduction No. 1)
%of Cost
Amount
%Retained
Amount
$399,600
100%
$399,600
10%
$39,960
$183,600
100%
$183,600
10%
$18,360
$183,600
100%
$183,600
10%
$18,360
$669,600
100%
$669,600
10%
$66,960
$56,160
100%
$56,160
10%
$5,616
$489,240
100%
$489,240
10%
$48,924
$21,600
100%
$21,600
10%
$2,160
$37,800
100%
$37,800
100%
$37,800
$78,000
50%
$39,000
100%
$39,000
$63,000
150%
$94,500
100%
$94,500
$55,680
100%
$55.680
100%
$55.680
$2 237,880
$2,230,380
$427,320
The City holds two Letters of Credit for the project (LOC 8815-0805DI and LOC 8815-0705DI),
which to date total $2,230,380.00. It is recommended that LOC 8815-0805DI be reduced from
$2,098,700 to $295,640 and LOC 8815-0705DI remain at $131,680.
Please let me know if you have any questions or would like additional information.
Sincerely,
BOOLTTON & MENK, INC.
Adam Nafstad, P. E.
Albertville Assistant City Engineer
Cc: Tina Lannes - Albertville Finance Director
Dwight Gunnarson - MN Development Agency
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