2006-02-15 LOC Release Request
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Consulting Engineers & Surveyors
2638 Shadow Lane, Suite 200 . Chaska, MN 55318
Phone (952) 448-8838 . FAX (952) 448-8805
February 15,2006
Mr. Larry Kruse, City Administrator
City of Albertville
5975 Main Avenue NE, P. O. Box 9
Albertville, MN 55301
RE: Towne Lakes 6th Addition
Letter of Credit Release (Grading)
BMI Project No. T15.21677
Dear Mr. Kruse:
In August 2005, prior to platting of the above referenced addition, Contractor Property
Developers Company (CPDC) entered into a Grading Contract with the City to expedite
construction. As part of the contract, a $16,000 Letter of Credit was required. Based on
completed work, Contractor Property Developers Company has requested release of Letter of
Credit No. 6512-111. .
To date, mass grading and stabilization of the site have been completed in general conformance
with plans and specifications. Upon review of the completed work, it is recommended that
Letter of Credit No. 6512-111 be released in full.
Please note that the Development Agreement that followed the Grading Contract required
additional security, of which $329,649.00 is still held by the City to guarantee compliance and
completion of work remaining.
Please let me know if you have any questions or would like additional information.
Sincerely,
BOLTON & MENK, INC.
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Albertville Assistant City Engineer
Cc: Tina Lannes - Albertville Finance Director
David Hempel - CPDC
MANKATO, MN . FAIRMONT, MN . SLEEPY EYE, MN . BURNSVILLE, MN . WILLMAR, MN . CHASKA, MN . AMES,IA
www.bolton-menk.com
An Equal Opportunity Employer