2010-01-11 CPDC Developer Default January 11, 2010
VIA CERTIFIED MAIL
Contractor Property Developer's Company
Attn: Homer Tompkins, President
3030 Centre Point Drive
Suite 800
Roseville, MN 55113
M&I Marshall & Ilsley Bank
Attn: Corporate Real Estate
770 N. Water Street, N.W.9
Milwaukee, WI 53202
Re: City of Albertville; Town Lakes 6tb Addition.
To Whom It May Concern:
Our office represents the City of Albertville, Minnesota. On September 7, 2005, Contractor
Property Developers Company ("CPDC") entered into a Planned Unit Development
Agreement for Town Lakes 6d' Addition with the City of Albertville ("Developer's
Agreement").
CDCP is currently in default on the Developer's Agreement for the failure fully install all
Municipal Improvements as required by paragraph 3 of the Developer's Agreement and
failure to fully install the On- and Off-site Improvements as required by paragraph 4 of
the Developer's Agreement. A detailed itemization of the work remaining to be
completed is set out in the attached Engineer's Estimate. In addition, CPDC is in default
for failing to reimburse the City for costs it has incurred in excess of$1,237.50 related to
the implementation of the Developer's Agreement and failure to defend the City in that
certain Wright County District Court action titled Hennen Construction Co. v. CPDC,
Alliance Bank, and the City of Albertville.
Furthermore, paragraph 9 of that Developer's Agreement requires CPDC to pay all costs
incurred by the City arising from the approval of the development, the installation of the
improvements and the enforcement of the Developer's Agreement. To date, the City has
incurred $1,237.50 in costs which are required to be reimbursed under paragraph 9 of the
Developer's Agreement but which have not yet been paid and which have been outstanding
more than 30 days. CPDC is in default of paragraph 9 for non-payment of these costs.
CPDC&M&I Bank
January 11,2010
Page 2
Please cure the above defaults immediately. If you fail to cure the above defaults in
accordance with paragraph 17 of the Developer's Agreement, the City will exercise any or
all of its rights available to it under the Developer's Agreement, including drawing on the
Letter of Credit.
Please feel free to contact me if you have any questions regarding this matter. Thank you.
Sincerely,
Bridget Miller
Clerk, City of Albertville
cc: Beth Jacobs
Glenn Bergman