1991-09-11 LOC Have Not Been Renewed
CITY OF ALBERTVILLE
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P. O. BOX 131
ALBERTVILLE, MINNESOTA 55301
PHONE: (612) 497-3384
September 11, 1991
Albertville Industrial Development Corporation
c/o Scherer Bros. Lumber Company
9110 83rd Avenue North
Brooklyn Park, MN 55445
ATTN: Gary M. Scherer
Dear Mr. Scherer:
Please refer to my letter to you dated August 21, 1991, in which
I advised you that your Letters of Credit #73963 and #73964 on the
Parks edge Development expire October 24, 1991. The City requested
that both letters of credit be renewed before September 10, 1991,
in accordance with the terms of the Developer's Agreement.
Because the Ci ty has not received renewal on these I etters of
credi t, it is our intenti on to draw upon the letters of credi t
before the October 24, 1991, expiration date.
Sincerely,
Linda Houghton
City Clerk
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