2004-12-30 LOC Consolidation
December 30, 2004
SEH,Inc
Attn: Bob Moberg, Albertville City Engineer
3535 Vadnais Center Drive, Suite 200
St. Paul, MN 55110
Re: Karston Cove 3rd Addition letters of credit
Dear Mr. Moberg:
According to my records Karston Cove 3rd Addition has two outstanding letters of credit.
Letter of credit #S307472 in the amount of $25,000 is to insure the installation of the
fmallift and sidewalk: on 64th Street. Letter of credit #S309548 in the amount of
$567,711 is for the remainder of the improvements associated with Karston Cove 3rd
Addition.
We requests that these two letters of credit be combined into one letter of credit in an
amount that would insure the completion of all work that is left in the 3rd Addition. The
onsite construction of 3rd Addition has been completed on the north side of 64th Street.
The grading is completed at a cost of approximately $40,000 and the utilities are
complete at a cost of $95,000. We request that the letter of credit be reduced by these
amounts ($567,711 - $40,000 - $95,000) to approximately $435,000. The estimates for
completion are listed below:
64th Street fmallift and sidewalk:-
Remainder of onsite improvements for 3rd Addition-
Total amount of project left-
$ 25,000
$ 435,000
$ 460.000
We request that letter of credit #S307472 be released and letter of credit #309548 be
reduced to $460,000.
If the city does not agree with these requests please itemize the different amounts and
location of the problems. Once the release and reduction has been determined please
respond with a letter stating the outcome. Our bank requires a letter from the city, on city
letterhead, referring to the letter of credit by number and the reduction amount and/or the
release of the letter of credit.
If you have any questions of need additional details please contact me.
Best regards~... . ~ ~
~..'~"~
~berg < ~
Woodside Communities of Minnesota
763-772-l017
c,: ./' ~ <~lrllll_Albertville
.... 'Jim Lambeth, Woodside