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U=-No <br />H O M E <br />Builder License #I <br />June 29, 2018 <br />Ronald J Otkin, Finance Director <br />City of Hugo <br />14669 Fitzgerald Ave N <br />Dear Ron, <br />I am writing to request a reduction of the Letter of Credit No. 4935-83. 1 have included a copy of the <br />Letter of Credit issued by Alliance Bank for your reference. <br />This Letter of Credit was issued to secure the completion of the street and utilities that are being <br />installed in the Fable So' addition. The project to date has only the final lift on the street to complete <br />as of this date. <br />Elmcrest Investments is requesting the City Council to approve a reduction of the Letter of Credit <br />from its original balance of $594,882 by 80% to a new balance of $118,976. <br />Thank you, <br />f� <br />Chuck Young , Contr ler <br />Pratt Construction/Elmcrest Investments <br />Family by Family, home by home —since 1973 <br />Pratt Homes Corporate Office • 3500 Willow Lake Blvd., Suite 100 • Vadnais Height, Minnesota 55110 <br />Office (651) 429-8032 0 Fax (651) 429-0255 0 www.pratthomes.com <br />