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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />June 1, 1995 <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Mercian <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: Jackson Heights - Future Road Connection to Yorkton Blvd. <br />At your February 8, 1995 meeting, approval was granted allowing <br />Heritage Development, the developers of Jackson Heights, to <br />substitute a performance bond for letter of credit to provide for <br />the future connection of the cul -de -sac area of Maple Lane to <br />Yorkton Blvd. In checking prices, Heritage Development has found <br />the cost of a performance bond to be prohibitive. <br />Given that their letter of credit expires on September 28, 1995 <br />and that there is little likelihood of improving the street <br />connection, we recomend allowing Heritage to cancel their letter <br />of credit at this time. <br />Page 44 <br />