2006-10-30 LOC Reduction
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Consulting Engineers Be Surveyors
NAU Building · 7333 Sunwood Drive · Ramsey, 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: Karston Cove 3rd Addition
Letter of Credit Reduction
BMI Project No. T15.21660
Dear Mr. Kruse:
Based on completed work, Woodside Communities ofMN has requested a reduction to Letter of Credit
CTCS - 201667 ($25,000) and Letter of Credit No. 1401 ($567,711). To date, the majority of the public
utility improvements have been completed, as well as, the majority ofthe off-site improvements on the
north side of 64th Street. Work remaining on 64th Street includes wear course paving, sidewalk
installation and boulevard restoration. No improvements have occurred on the south side 64th Street and
are expected to begin late this fall or early next spring. Upon review of the completed work and
accounting for work outstanding, it is recommended that the security requirement be reduced from
$592,711 to 00 less than $460,000. The reduced balance ($460,000) will adequately ensure the
completion of the remaining work.
If the City decides to reduce the security requirement, it is recommended that Letter of Credit CTCS -
201667 in the amount of $25,000 be released in full and that Letter of Credit No. 1401 be reduced from
$567,711 to $460,000.
Please let me know if you have any questions or would like additional iofonnation.
Sincerely,
BOL TON & MENK, INC.
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Albertville Assistant City Engineer
Cc: Tina Lannes - Albertville Finance Director
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