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E MAYOR <br /> Bill Blesener <br /> l~r ~ ~ r' <br /> ~1f°?` hhh F <br /> ~ COUNCIL <br /> ~`'r.x~ Rick Montow <br /> ~ ~ John Ifeis <br /> ~ V ~~yG~ 7„~,~~. Michael McGraw <br /> GLf GG V LLLL Shelly Boss <br /> <br /> 515 Litlle Canada Road, Little Canada, MN 55117-1600 ADMINISTRATOR <br /> (651) 766-4029 / FFlX: (651) 766-4048 Joe] R. Hanson <br /> www.ci.little-canada. mn. us <br /> May 27, 2010 <br /> Mr. Richard L. Traut, President <br /> Farmers State Bank of Hamel <br /> 145 Hamel Road <br /> Hamel, MN 55340 <br /> Re: Reduction of Letter of Credit issued on behalf of Landmark Development, LLC - $658,629 <br /> Dear Mr. Traut: <br /> Pursuant to authorization granted by the City Council of the City of Little Canada, you are <br /> hereby authorized to reduce the above referenced Letter of Credit from $658,629 to $412,265 <br /> effective immediately. Please issue a revised LOC reflecting the lower value with all other terms <br /> and conditions to remain the same. I have enclosed a copy of the original letter for your <br /> reference. <br /> If you have airy comments or questions after reviewing this letter, please let me know. <br /> Sincerely, <br /> Joel R. Hanson <br /> City Administrator <br /> Cc: Landmark Development, LLC <br /> <br />