2002-11-18 LOC Reduction
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PILOl"
LAND DEVELOPMENT COMPANY
November 18, 2002
Mr. Pete Carlson - City Engineer @ SEH
Ms. Linda Goeb - City Administrator
5975 Main Avenue NE.
Albertville, MN 55301
RE: Letter of Credit #45-00 Reduction for Cedar Creek South 6th Addition
Dear Mr. Carlson:
We have finished the final lift, site signage and all the landscaping except 4 units. These will be completed
in the summer of 2003. We have completed first year warranty work on curb settlements and request a
draw down of the LOC to conclude the first year warranty period. Please process a reduction to the LOC
for all items except the final landscaping, and formally accept the underground utility work. Turn Lanes
have been turned over to Wright County DOH.
During this calendar year we have completed the landscaping on 16 ofthe dwellings and the project
entrance and center cul-de-sac island. This leaves 4 units to be landscaped during 2003.
INH Management company is now fully coordinating the site maintenance responsibiliiities for our
Homeowners Association. My proposed surety to remain is as follows:
Cedar Creek South 6th Utility Warranty Jason Court
$ 52,775 * 0%
$ 39,444 * 0%
$ 0000
$0
$10,000
$0
$10,000
Street work completed with 0% warranty
Landscaping and Irrigation at $2500 per DU
Work left to complete for paving & adjustments
4*
$2500
$ 7,706 * 0%
Project Total security in letters of credit
Please issue cantin-nation to our lender Northeast State Bank and us regarding the lovering of this letter of
credit. As your inspectors can verify, all work was completed per City standards. Please authorize a
reduction to LOC #45-00 from $42,421.00 to $10,000 effective November 19th. Please schedule this item
for the next Council meeting and notify Northeast State Bank at 362-3264 (fax 362-3240) accordingly upon
your agreement with my math above. If you have any questions, please contact me.
Vice President of Land Development
Cc:
Kent Roessler, Pilot
John Wilczek - Meyer -Rohlin
Linda Goeb - Albertville
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