2003-12-08 LOC Reduction RequestWC iDSIDE COMMUAAL
O F M I N N E S O T A I N C
December 8, 2003
Mr. Pete Carlson - City Engineer @ SEH
Ms. Linda Goeb - City Administrator
5975 Main Avenue NE.
Albertville, MN 55301
RE: Letter of Credit No. 06-02 Reduction for Cedar Creek South 5rh Addition
Dear Mr. Carlson:
We have finished paving the final lift, island landscaping, erosion control fencing and revegetation for this
project. The project has had successful testing of infrastructure and has completed its second year of
warranty. We therefore request a draw down of the LOC to meet the terms of the development agreement
and receive a confirmation that the second year warranty period has expired. Please process a reduction
to the LOC for all items except as outlined below. We are again submitting the reconciliation of park
fees for your review in order to resolve the amount of fees if any, which are due to release the last
Cedar Creek LOC This plat phase and the 7"' Addition are the last two currently having any
warranty or performance obligations.
Our proposed surety to remain for Karston Drive is as follows:
Cedar Creek South 5th Sanitary Sewer Warranty
Cedar Creek South 5th Water Utility Warranty
Cedar Creek South 5th Storm Sewer Utility Warranty
Cedar Creek South 5th Street final lift & Warranty
Park fees Guarantee for Master Plan
Landscape trees, lot driveways, lot turf coverage
Project Total security in letters of credit
$ 46,800 * 0% =
$ 0
$ 45,577 * 0% =
$ 0
$ 4,772 * 0% _
$ 0
$ 95,386 * 0% _
$ 0
$ 50,000 =
$10,000
$ 48,150 * 10% _
$ 4,817
$14,825
Please issue confirmation to our lender Northeast State Bank and us regarding the lowering of this letter of
credit. As SEH inspectors can verify, all work was completed per City standards. Please authorize a
reduction to LOC Number 06-02 from the current $19,500 to $14,825 effective December 15 or sooner.
Please schedule this item for the next Council meeting and notify Maria Orlowski at Northeast State Bank at
362-3266 (fax 362-3240) accordingly. If you have any questions, please contact me.
Sincerely,
le
Dona d Jensen
Vice President of Land Development
Cc: Kent Roessler — Pilot Land Paul Kirchoff — Woodside John Wilczek — Meyer —Rohlin
Maria Orlowski — NESB Mike Couri — C & M
1 3736 N.E. Johnson Street •Ham Lake, MN 5530ETY RELEASE\ccs5thSRTYreduc.doc
tel: 763.757.4052 fax:763.757.4094
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