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C. z2� <br />f <br />THE FOLLOWING MESSAGE AND ATTACHMENT HAVE BEEN SENT AT THE DIRECTION OF JERRY <br />Dear Chuck: <br />Attached is a revised draft of the Hardy Site Development Agreement. Jim McNamara has <br />advised me that the excavation ($3,500.00) and the footings and basement walls <br />($16,367.00) are constructed. Therefore, the estimated cost of the remaining im rovements <br />is $30,353.00. The amount of the letter of credit to ensure construction o£ the remaining <br />improvements should be $37,941.25. <br />The letter of credit should clearly incorporate the site development agreement atd <br />indicate that the letter of credit is given to ensure construction of the improv Tents <br />within the time -lines indicated in the site development agreement. The letter or credit <br />should not expire until July 30, 2007 unless the City otherwise gives its written consent. <br />I would like to see a signed copy of the site development agreement and the letter of <br />credit on or before November 6, 2006, If this cannot be arranged, T am recommending that <br />the City call the existing letter of credit. <br />I have sent a copy of this e-mail and the site development agreement tot the <br />Bank. <br />I£ you have any questions, please contact me. <br />Very truly _yours, <br />/sl JPF <br />Jerome P. Fi11a <br />Janice T. Clark <br />Legal Assistant <br />Peterson, Fram & Bergman, P.A. <br />651-290-6916 <br />Elmo <br />1 <br />