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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />January 3, 1997 <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />TO: Mayor Fahey and Members of the City Council <br />FROM: Joel R. Hanson, City Administrator <br />RE: Heritage Office Park - Reduction of Letter of Credit <br />In the development contract between the City and Heritage <br />Development of MN, Inc. a $50,000 Letter of Credit was provided <br />for. Upon completion of all grading and utility work, the Letter <br />of Credit could be reduced to $30,000 to cover landscaping work. <br />The developer had completed the utility work and a good portion <br />of the landscaping before weather stopped them this past fall. <br />They have requested the Letter of Credit be reduced to $20,000 <br />instead of the $30,000 provided in our agreement. <br />Based upon my review of the work <br />with the City, I would recommend <br />Letter of Credit from $50,000 to <br />development contract. All other <br />force and effect. <br />and the developer's track record <br />we authorize reduction of the <br />$20,000 by amending the <br />provisions would remain in full <br />Page 29 <br />