2004-0805 LOCs
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Michael C. C:4url.
Andrew J. M~Al1hUl'
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Robert 1. R"~r,e"
David R. Wen'dorf
'.ll;ctflo:utHi,,~1
.'..<<to liooI#J In CIII~
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TO: LAflkl.f
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OF: A L. B (rJ:T ",r: L,.(, ti;
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FROM:. D I9v'l t) t..'1S if"~r
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SUBJECT: I. c.. 4-1J If r I< f ItT1tS Il- , p.. C!2/i C 't 7 .-r: ~ ~
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FAX~ER: 7':' -l..(Ci1- ~ ")..1 0
DATE: <"(L~/o'1 km: :S'.37 AMIfM) .
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TOTAL PA$ES (INCIj.UDING COVER SHEET) C,
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ADDITIONh
COMMEN1jS:
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COUR!, MACARTHUR &
RUPPEJ P.L.L.P.
Attorneys at lAw
705 Central Avenue East
PO Box 169
St. Michael. MN 55376.0369
(i63) 497..1930
(763) 497.2599 (FAX)
courlandmacartJncr@pobox.com
FACSIMILE COVER PAGE
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THIS FACSIMILE ~SMlSSION IS CONFlDENrIAl. IT MAY BE PRIVILEGED AND IS
INTENDED I FOR THS USE OF THE ADDRESSEE ONLY. IF YOU ARE NOT THE
ADDRESSE, (OR A PERsON RESPONSIBLE FOR DELIVERING THIS TRANSMISSION TO
THE ADD~SEE) oq NOT READ, COpy. OR USE THIS TRANSMISSION IN ANY WAY,
Bur PROMPTLY COmACT THE SENDER. BY TELEPHONE TO A.R.AANGE FOR THE
RETIJRN OE THE ORIGINAL DOCUMENT TO US.
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""o-""~-<::"""".. 1:;).,;). -.'l::>t1TI ~t'(U1'l '-our 1 ~ J'lacHrthur
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4973210 P.02
Dave,
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Npne of the l~tters of credit are acceptable for three reasons:
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1. The letter..9f +redit is limited to the payment of special assessments. While the
arb.ount ofth~ letter of credit is set inpart based on the cost of the municipal
i~provemen~, it secures all of the obligations ofthe deveioper, including paying
~e City's coSts. etc. Ui1derthetmuofthis<loveloper's~ weoould
draw ~ . assessments; The~~~'~tr~
"'T , '.' ' etwf!llen.QQld~cy .
'. . . , .. ." .~,gty.~f AlbertviUe.f.AIe ..etaaguap should be in~
~~'~t:~~~=9' ", t:r us with one letteroferedi11
2. 1lw 1eU.c;r~itei t1aat it will be automatieally reduced llJ "'Ti' 1 f~amotmt of
'. are put That is L~_.L1.1...1I..11" :.U.JBfIi'
.... .......', e City~red'uce the 1enerofcredit by 50% as
lll'.e~ If the Developer is in default under a different provision ofthe
agreement, W~ will likely not release any of the letter of credit wril the default is
c~ed. The s4me applies for the other letters of credit. AlSo, tbe~'$
.otlQ1eAt ~.. ...1ctta- of credit remain in the amountof2S% of the'
1~1CIpinc tpsts for,t'fiO years after the installation of the landscaping.
3. TQe.1A$t ~I$ce ("WeMatltlBOt be called npoa to teSoJve' iaues of fact or laW"
~. ~ ~jty and the Developct') shoYW,_.....~__....Jdcm of
wpether the ~ win in fact allow the City to draw on the letter of credit if the
D~veloper cl~ms a difference of facts.
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Also. Alpine Capital~s not an FDIC bank:. We will need to see their financial statements
before w~ agree to ad,cept the letter of credit. I would prefer that they have assets of more
than $50 Inillion. If~ey do not, they should provide us with som/il assurance that they
will in fatt have the ~oney if we need to call on it (1 do not know what that assurance
would be~. If they at~ too small, one developer's bankruptcy could wipe out their equity
(whioh is1usually muph smaller than their assets) and their lenders could call in their
loans. leaving no mopey if we needed to callan the letter of credit. We do not have this
concern tith FDIC b~ as\they must meet strict federal equity and lending
requirem~ta. I do nyt believeJhat Alpine has any such requirements imposed by the
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government. \
08-05=2004 03:35PM FROM Couri & MacArtnur
TO
4973210 P.03
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ALflNE qAPITAL, LLC
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'Ii. tAX TRANSMISSiON COVER.SHEET
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Pa ~.ber: 113 - If f 1... ;}51' hone Nwaher.
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Suite .19 '
W~.MN5S391
Plio... : (9g) U9-9179
Pn: ~)2.49-1141
No. ofP...:-L.i
(iDo~ coVer slwlet)
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aLs8l~.~fVd' .'=Cl nBL.t3arISO/80
08-05-2004 03:36PM FROM Couri & MacArtnur
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4973210 P.04
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.Alpine~apital,LLC .
Flnancial_ente and supplementary
bifo_lion 1. .
Mar4h31, aod4 and 2003
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8J.iOUtn.i flt:n 1UD. FOOt/SOliD
~';~~We belint1batout aud~pIOVide& a ~1e bQii~ 4)'# op~. J./.Ul
fiDlnQm:t itituaeats ot~ Compauyas .ofMan:h 31.2003,.m4 forth. yMr *,*-endecl were audited by
- -,.._,._...... >IS, :lllG3...,......,... __opiakmoo_-
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08-05-2004 03:37PM FROM (Quri & MacArthur
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Alpine Capital, LLP
Balance I..... '
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~iaI.#,~Jc -;net~. '.~f<<"~of
~ lIadSG~ reapIctivtly .
laten:st.~ . ' .
Prepid~-'~
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Commtlk~ !
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LmDfialNJt.... i
N_pa.yibl'.~
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AccauI11S~
~ild.1iililles I
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. . ~ CQrraLt ~111tIes
~ .Qfctedlt-.beaks 1
N. _l~.. Scberer'~ I.1Imber Co.
N.Cllte,s ,..,... .'relItod ~
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Mtmbe"l Iq,uity. 1
. TotalliabRitieslaadmembln' eqllity
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TO
4973210 P.06
2004
2003
$ 47.8$1 $ 18
1.3,394,772 60.799.719
3.*;627 2,475,5&2.
:U2-~S 2"'l~~".
, 16,930,551 fi3~3G3,S) 1
m)tJfI 2431740
61,565 10,193
S 11,2J4.,424 $ ~,S71,464
$ 117,139 $ 1.478,n1
49.133,263
157,039 19,2'1
637,461 53j915'
106.146 37.171
_ ~~~067.032... 194~69~
2,615,524 52.371,196
60.650.755
6,000.000 4,000,000
." '962,75'
g,!36,27:9 S7,339,949
7.880,145 ,,231 515
.....,....~.JI.Ld
S 11~tt4i4 SW71,464
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Tho ~11S..a ~ ll!l imepl. part .oftl1esc firlandal $Ql~
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TOTRL P.06
AUG-05-2004 THU 10:54 AM WRIGHT OTY AUDITOR/TREAS
FAX NO, 7636827873
p, 01
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Wright County Auditor/Treasurer
FAX
SHE E T
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To:
Attn:
SUbjKt:
Date:
Pages:
Fax:
City of Albertville
Tina
Rate Sheet!;
Au(!Ust 5. 2004
-i......- ,including this cover sheet.
763-497-3210
From: Denise McCalla
Property Tax Administrator
10 Second Street NW Rm 230
Buff~o;~N'SS313-1195
Phone: (763) 682.7570
Fax (763) 682-7873
IMPORTANT NOTICE
This mCSSAit; is intended only for the use of the individual entity to which it is addressed, and may contain
infonnation that is privilepCI, oonfidential, and ex.empt from disclosure under applicable law. If the reader of
this m.ssage is not the intended recipient, or the employee or agent rC$ponsible for delivering this message to
the intended recipient, YO'll are bereby notified that any dissemination, distn"bution, or caprin:; of this
communication is strictly prohibited. If you have received this communication in ettor, please notify us
immediately by telephone, and return the ori~al message to us via the U.S. Postal Service. Thank you!
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