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515 Little Canada Road, Little Canada, MN <br />55117-1600 (651) 766-4029 / FAX: (651) 766-4048 <br />www.littlecanadamn.org <br />MAYOR <br />Tom Fischer <br />COUNCIL <br />Amanda Gutierrez <br />Chris Kwapick <br />Angie Malone <br />Dave Miller <br />November 12, 2025 <br />Fidelity Guaranty and Acceptance Corp. <br />5505 Blue Lagoon Drive, 7th Floor West <br />Miami, FL 33126 <br />Re: Irrevocable Letter of Credit NO. FGAC-22586 <br />U.S. HOME, LLC <br />Pioneer Commons – 1st Addition <br />Dear Fidelity Guaranty and Acceptance Corp.: <br />Pursuant to the terms of the development agreement the City of Little Canada has with <br />U.S. Home, LLC, you are hereby authorized to reduce the above referenced Letter of <br />Credit by $250,000. This would leave a balance on the LOC of $150,000 after <br />application of this reduction. <br />Please issue an amendment to the LOC reflecting the lower value and keeping all other <br />terms and conditions the same. <br />If you have any comments or questions after reviewing this letter, or should you need <br />further documentation, please let me know. <br />Sincerely, <br />Bryce Shearen <br />City Administrator <br />cc: Danielle Shabunya