Laserfiche WebLink
n~ <br /> xs MAYOR <br /> b ~ Bill Blesener <br /> , <br /> r, ~TC~~"~=~~ COUNCIL <br /> ~c-- Rick Montour <br /> ~~rt / ~ / John Aeis <br /> ~i~~°~oi ~ `f~C~~ ~~~/y i?/y Michael McGraw <br /> <br /> CJ G(/!~. i v.L~ LL LL(.LGL Shelly Boss <br /> 515 Little Canada Road, Litlle Canada, MN 55117-1600 ADMINISTRATOR <br /> (651) 766-4029 / P'AX: (651) 766-4048 Joel R. Hanson <br /> ~nnmw. ci.little-canada. mn. us <br /> MEM018A1V13UM <br /> TO: Mayor ~lesener ~ Members of the City Council <br /> FROM: Joel Hanson, City Administrator <br /> 1lAT);: May 25, 2010 <br /> RE: Letter of Credit Reduction - Gervais Woods <br /> Landmark Development, LLC has requested a reduction of their Letter of Credit (LOC) for Gelvais <br /> Woods. Pursualrt to the terms of our development agreement, a reduction was only provided for after <br /> the completion of all underground work and the first lift of bituminous. Due to the size of the project <br /> and the tight credit market, the Developer has asked that we grant an interim reduction. The cash freed <br /> up by this reduction would be used to make payments to their contractor. <br /> Attached is the documentation from the developer's engineer regarding the requested reduction. The <br /> City Engineer has reviewed it and found it to be reasonable. Given that we have done this on a few past <br /> projects, staff is comfortable recommending the reduction of the LOC for Gervais Woods from <br /> $658,629.42 to $412,265 as requested. <br /> <br />