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June 17, 1999 <br />Mr. Frank Frattalone <br />Frattalone Excavating <br />3066 Spruce Street <br />Little Canada, MN 55117 <br />Subject: Revised Development Agreement <br />Dear Frank, <br />Here is the revised development agreement for the Fra -Dor operation. The changes to the last <br />draft are underlined. I arrived at the amount of the bond as follows: <br />Topsoil: <br />8 acres <br />X 43,560 <br />= 348,480 Square Feet of Area on Site <br />27 <br />= 12,907 Cubic Yards for One Foot of Depth <br />X .334 4 Inches of Material <br />4,311 Cubic Yards of Top Soil To Cover Site <br />X $13.83 Cost Per Yard of Top Soil (Avg. Cost per 3 Bids on 99 Projects) <br />= $59.621 Say $60,000 <br />Seeding: <br />400 pounds of Seed X $5.00 /Ib = $2,000 <br />+ 8 acres X $357 per acre = $2,856 $3,000. <br />= $5,000 <br />Crushing: <br />55,000 tons X $2.10 per ton = $115,500 <br />Total: $60,000 <br />+ $ 5,000 <br />+ $115,500 <br />= $180,500 <br />X 1.25 (Inflation Factor for 10 Years) <br />= $225,625 (Say $225,000) <br />Let me know what you think. I would like to put this in agenda by noon. <br />Thanks, <br />Joel Hanson <br />Administrator <br />cc: Tom Sweeney, City Attorney <br />PAGE 246 <br />