1998-03-20 Release Plat for Recording
MAR.20.1998 11:40PM
KENCO
NO.638
P.2/2
PILOT
LAND DEVELOPMENT COMPANY
March 2lD, 1998
Mr. Mik~ Cou.rL Attorney
Ms. Linda Goeb
City Cle(k
5975 M~n Avenue NE.
Albertvi~le, MN 55301
RE: Release of Center Oaks 2nd Plat for recordiDJZ
Dear Mi~e & Linda:
This leCtl~r confirms my conversation with both of you regarding the timing for delivery of letters
of cr~djt and the trunk lift station fees. Due to the timing of the City to release the plat for
recording: to enable park land to be dedicated prior to the end of March, we reguested a delay to
deli-.,lery of the lift station area charges check, Our funding of new money occurs at the
beginning of each month from closinis at the end of each prior month, In thi~ case, the check
will be delivered to the City prior to April 15, As a measure of our continued willingness to
perform, you can with hold building permits within Center Oaks until this check i$ received.
The letter of credit cOl'lfinnation will come to Albertville directly from NE State Bank as soon as
they hav~ their Senior Vice-President execute the signature block. Your correspondence withthis
bank should give you adequate confidence that the.y will deliver.
In addition, the City already has a $50,000 letter of credit covering the Center Oaks grading
which could be used in a default ~cenario,
Without :the ability to construct homes, 110 benefit or developer value 01' profit will be received
or gener~ted, leaving zero reason to not deliver the required fees in a timely manner. Thank you
for your Iconsideration.
lJZa
Donald Jensen
Land D~velopment Director
1 cdcjsl'ty.doc
137$6 Johnson Street NE . Ham Lake, MN 55304 . 757-9816 . Fax: 757-4094