2006-10-30 LOC Reduction
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Consulting Engineers & Surveyors
NAU Building · 7333 Sunwood Drive · RamseYI MN 55303
phone (763) 433-2851 · FAX (763) 427-0833
October 30, 2006
Mr. Larry Kruse, City Administrator
City of Albertville
5975 Main Avenue NE, P. O. Box 9
Albertville, MN 55301
RE: Parkside Commercial Development
Letter of Credit Reduction
BMI Project No. Tl5.21660
Dear Mr. Kruse:
Premier Development Group, Inc. has requested a reduction to Letter of Credit No. 60004082. To date,
all municipal improvements have been completed and approximately one-third (1/3) ofthe landscaping
materials have been installed.
Upon review of the completed work and accounting for punch list items, such as removal of silt fence, it is
recommended that Letter of Credit No. 60004082 be reduced from $105,823 to no less than $36,904
(10% of municipal improvements plus 67% of the landscaping improvements). The reduced balance
($36,904) will adequately ensure the completion of the landscaping/restoration requirements and is
consistent with the warranty requirements of the Development Agreement.
Please let me know if you have any questions or would like additional information.
Sincerely,
BOLTON & ME~
1~~
Albertville Assistant City Engineer
Cc: Tina Lannes - Albertville Finance Director
C:\Documents and Settings\adamna\My Documents\ALBERTVILLE\Developments\Parkside Commercial\LOC REDUCTl .doc
MANKATO, MN . FAIRMONT, MN . SLEEPY EYE, MN . BURNSVILLE, MN .WILLMAR, RAMSEY, MN . CHASKA, MN . AMES, IA
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