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515 Little Canada Road, Little Canada, MN 55117-1600 <br />(651) 484 -2177 / FAX: (651) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: June 18, 1999 <br />RE: Fra -Dor /Frattalone Excavating Development Agreement <br />MAYOR <br />Michael 1. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />Attached is the revised Development Contract 4th Amendment between the City and Frattalone <br />Excavating. At the last Council meeting, I was directed to work with Mr. Frattalone to revise the <br />amount of the bond required pursuant to this agreement. That has been done with the amount set <br />at $225,000 (basis of calculation for that amount is attached). We have also addressed the <br />situation whereby Mr. Frattalone could mortgage the stockpiled materials during the term of this <br />agreement. In doing so, he would have to increase the performance and payment bond by an <br />amount equal to the mortgage to guarantee its satisfaction. This would need to occur prior to <br />recording the mortgage. <br />This agreement has been reviewed by the City Attorney and meets with his approval. Mr. <br />Frattalone has also indicated his acceptance of the terms and conditions as proposed. Therefore, <br />I recommend approval as presented. <br />JRH:kpp <br />Enclosure <br />cc: Frank Frattalone <br />PAGE 241 <br />