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HERITAGE <br />DEVELOPMENT <br />January 27, 1995 <br />Mr. Joel Hanson <br />City Administrator <br />City of Little Canada <br />515 Little Canada Road <br />Little Canada, Minnesota 55117 <br />Re: Builders Mortgage Corporation Letter of Credit # 1040 -9A92 <br />Dear Mr. Hanson: <br />R <br />We are prepared to replace the above letter of credit with a performance bond. Per John Dobbs, <br />you have indicated a willingness to allow this provided that Heritage pay the outstanding balance <br />due the city of $4,440.60 and this could be done as early as February 9. The amount outstanding <br />on this letter is $15,000. <br />If the terms of this letter are correct, please provide correspondence to that effect and carbon <br />copy the following individual: <br />Tom Kemp <br />CFG Insurance Services <br />9800 Bren Road East <br />Third Floor <br />Minnetonka, Minnesota 55343 <br />I appreciate your assistance in this matter. <br />Sincerely, <br />Ken Alme <br />Controller <br />450 East County Road D <br />St. Paul, MN 55117 <br />(612) 481 -0017 <br />FAX: (612) 481 -1518 <br />Page 12 <br />