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D•R•HOR[ON ®In <br />N, <br />YSE <br />December 22, 2015 <br />Steve Duff <br />Sr. Engineering Technician <br />City of Hugo <br />14669 Fitzgerald Ave. N <br />Hugo, MN <br />Re: Clearwater Cove —Letter of Credit Reduction Request No. 1 <br />LOC q SLMMSP07856 <br />Dear Steve: <br />D.R. Horton would like the City of Hugo to consider a reduction to the Letter of Credit (LOC) for our <br />Clearwater Cove project. <br />Listed on the Attached spreadsheet is the original surety amount and requested reduction amounts <br />based on work performed to date. <br />On behalf of D.R. Horton, Inc. -MN, we request that the City of Hugo reduce the projects LOC surety by <br />$885,515.63 to leave a balance of $1,473,058.75 to secure the completion of the remaining public <br />improvements. Please feel free to contact me with any questions. <br />Thanks, <br />Sincerely, <br />Dave Klee <br />D.R Horton, Inc. — MN <br />612-214-1865 <br />D.R. Horton, Inc. -Minnesota <br />20860 Kenbridge Court, Suite 100 <br />Lakeville, MN 55044 <br />wy drhorton.com <br />