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,� CITY OF ORONO <br /> * Street Address: Mailing Address: Telephone(952)249-4600 <br /> 1:4, ` 2750 Kelley Parkway P.O.Box 66 Fax (952)249-4616 <br /> r �' Orono,MN 55356 Crystal Bay,MN 55323 www.ci.orono.mn.us <br /> "ICES HO' <br /> 17 June 2013 <br /> Matt Alexander <br /> Kraus-Anderson <br /> 4210 West Old Shakopee Rd <br /> Bloomington, MN 55437 <br /> Re: Trails of Orono/875 Wayzata Blvd W-Authorization to Release Letter of Credit <br /> Ref.: Bremer Bank, N.A.; LOC No.S120010736; Dated June 24,2011 <br /> Per your request the City Consulting Engineer has inspected the Trails of Orono site and has determined that <br /> a majority of the work has been satisfactorily completed.Therefore, we are authorizing the release of your <br /> letter of credit as follows: <br /> LOC No. December Additional Final Reduction/ Amount to <br /> S120010736 Original 2011 ReductionRemain in <br /> Amount Release <br /> Reduction 6/4/2012 06/17/2013 Effect <br /> $666,877.42 $ 329,820.42 $280,683.00 $56,374.00 $0 <br /> This letter will serve as City of Orono authorization to you and to Bremer Bank, N.A. to allow expiration of <br /> LOC No. S120010736 effective immediately. <br /> Please note the remaining landscaping improvements are to be covered under the existing escrow funds in <br /> the amount of$22,000. The escrow funds will be held assure completion of items as listed in the attached <br /> recommendation letter from David Martini, P.E. dated May 14, 2013. <br /> Please contact me at 952.249.4627 or mcurtis@ciorono.mn.us if you have any questions. <br /> Sincerely, <br /> CITY OF ORONO <br /> Melanie Curtis <br /> Planning &Zoning Coordinator <br /> end <br /> cc: Ronald Olson, Finance Director <br /> Jesse Struve, Public Works Director <br /> David Martini, City Consulting Engineer <br />