2005-11-16 Wetland Credits Draw Request
11/16/2005 WED 12:31 FAX 7633231245 1M Homebuilders
.ED~
~002/002
700 Bunker Lake Boulevard NW Anoka, MN 55303
Ph(783)323-9086 Fax(763}421-3596
Nov~ber16~,2005
Larry Kruse-City Administrator
City of Albertville
5975 Main Ave
Albertville, MN 55301
R.E: Lakeland Letter of Credit 200322-Wetland Albert Villas 61h Addition
Larry,
EDC S\l.bmitted a draw request Tuesday October 18th for payment of wetland credits EDe is
purchasing tiu'ough Mr. Jerry Gray. Thisdra.w request of $291375.00 has been in weiand's
possession for the past four weeks. We have notified Lakeland Construction Finance to plea.se release
the payment no later than Thursday November 17th or the City of Albertville will draw against the
Letter of Credit for payment of these wetland credits,
Should Thursday November 17th pass, The City of Albertville will notifY in writing EDC and
Lake1and Construction Finance that they are drawing upon the Letter of Credit and pay Mr. Jerry Gray
directly with the ftmds received from the Letter of Credit.
Would you please confirm to EDe that the City of Albertville would take this action so that EDe
meets its oblisations by no later than Friday November 18~ Time is of the essence. Thank you.
1
Staff AccountantlProjectOAdmin
cgabler@edinadevelopment.com
cc: Denny Mu~ EdIna Development Corporation
Rick Lewandowski Edina Develollment COl'jllX'ation
Kyle Heelld Wilkel'SOll &. I1cgna