2006-08-14 LOC ReductionBO L_TON 8.- NA P= N K , 1 N C_
Consulting Engineers & Surveyors
2638 Shadow Lane, Suite 200 - Chaska, MN 55318
Phone (952) 448-8838 - FAX (952) 448-8805
August 14, 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 work completed, Minnesota Development Agency, LLC has requested a reduction to the current
Letter of Credit. To date, with the exception of minor punchlist and landscape items, all work has been
completed and found to be in general compliance with plans and specifications. It is therefore
recommended that the Letter of Credit be reduced from $427,320 to $223,788. This reduced balance is
sufficient performance security for the work outstanding.
The City holds two Letters of Credit for the project (LOC 8815-0806DI and LOC 8815-0506DI),
which to date total $427,320. It is recommended that LOC 8815-0806DI be reduced from $295,640
to $223,788 and LOC 8815-0506DI be released in full.
Please let me know if you have any questions or would like additional information.
Sincerely,
BOL''T��ON & MMENK, INC.
Adam Nafstad, P_ E.
Albertville Assistant City Engineer
Cc: Tina Lannes - Albertville Finance Director
Dwight Gunnarson - MN Development Agency
MANKATO, MN - FAIRMONT, MN - SLEEPY EYE, MN • BURNSVILLE, MN - WILLMAR, MN - CHASKA, MN - AMES, IA
www. bolton-menk. com
An Fnl/al Onnnrfunity FmntnvPr