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EXCELSIOR <br />Av The Excelsior Group <br />February 3, 2020 <br />Jeremy Barnhart <br />City of Orono <br />2750 Kelley Parkway <br />Orono, MN 55356 <br />Dear Jeremy, <br />On behalf of OP5 Orono, Developer of Orono Preserve, we are requesting the approval and <br />execution of the drafted Escrow Agreement. The purpose of this escrow agreement between <br />OP5 Orono, LLC and the City of Orono is to keep funds in escrow to ensure the replacement of <br />the 48 sidewalk panels in Orono Preserve identified as needed for replacement after wear <br />course installation. Utilities and streets have been accepted by the City of Orono, therefore, <br />OP5 Orono is requesting the escrow agreement to be put in place to allow the release of the <br />current Letter of Credit, less the amount of $39,000 to remain as security for the replacement <br />of the 48 sidewalk panels, until such work is completed and approved by the City of Orono. <br />Thank you, <br />Steph Griffin <br />Development Manager <br />The Excelsior Group, LLC •:• 1660 Highway 100 S., Suite 400, St. Louis Park, MN 55416 <br />952-525-3200 •:• ExcelsiorLLC.com •. Info@ ExcelsiorLLC.com <br />