2007-10-05 LOC Release RequestBOLTON ~. NI ~ N K , i N~_
~cxtsulHng Engineers & Surveyors
7533 Sunwood Drive • Suite 206 • Ramsey, MN 55303
Phone (763) 433-2851 • FAX (763) 427-0833
October 5"', 2007
Mr. Larry Kruse, City Administrator
City of Albertville
5959 Main Avenue NE, ~'. O. Box 9
Albertville, MN 55301
RE: Towne Lakes 3`d Addition -Letter of Credit Release
Albertville, Minnesota
BMI Project No. T15.21660
Dear Mr. Kruse:
Contractors Froperiy Development Company (CPDC) has requested a release to Letter of Credit No.
061005-1, currently in the amount of $57,900. This Letter of Credit was established as a 2-year warranty
security for the municipal improvements of the Towne Lake 3'~` Addition plat. Improvements were
completed and accepted approximately 2 years ago. Upon an October 4'~ walk-through, staff identified
several warranty re~air type items. CPDC has arranged to have all identified repair items completed the
week of October $ and prior to the City Council meeting on the 15~'.
Assuming that the Developer is current with all fees owed to the City and that the repair items will be
completed the week of the 8~', it is recommended that Letter of Credit No. 061005-1 be released in full.
At the request of the Developer and consistent with the development agreement, please include this
recommendation on the October 15~ Council Agenda. Should the repairs/warranty work not be
completed prior to the scheduled Council meeting, I will notify you and request that the item be pulled
from the agenda.
Please let me know if you have any questions or would like additional information.
Sincerely,
BOLT/ON & ME INC
0'~
Adam Na stad . E.
Albertville Assistant City Engineer
Cc: Tina Cannes -Albertville Finance Director
Bridget Miller -Albertville City Clerk
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