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OCT 12 190 15:01 T,K.D.R. & ASSOC. <br />P.2 <br />■ D A <br />TOLM KING, DUVALL, ANORMSON <br />{� .i„/ <br />AND A9000IATKA, INOORPORATCD <br />ENOINEERS ARCHITECTS PLANNERS <br />2800 AMPIOAN NAMONAL DANK CUILDINO <br />$XNT PAUL, MINN0.00TA00101d007 <br />f10A00dN0 <br />October 12,1990 <br />PAK019409.000 <br />Honorable Mayor and City Council <br />Lake Elmo, Minnesota <br />Re: Escrow Reduction <br />Packard Park 3rd Addition <br />Lake Elmo, Minnesota <br />Commission No, 9150.000 <br />Dear Mayor and Council: <br />Work on Packard Park 3rd Addition is substantially complete, The Developer's Agreement <br />allows partial release of escrow as the work is completed, The only work remaining is some <br />cleanup and erasion repairs around the pond. The remaining escrow is calculated as follows; <br />Original Escrow $155,000 <br />Value of Work Completed-124•000 <br />Remaining Escrow $31,000 <br />It is recommended that the escrow be released so that the rema=— Ig balance is $31,000. <br />Sincerely yours, <br />LDB;j <br />