Laserfiche WebLink
To: Greg Gappa, Public Services Director <br /> Tom Kellogg, City Engineer <br /> Tom Kuehn, Finance Director <br /> From: Mike Gaffron, Planning Director <br /> Date: May 13, 2002 <br /> Subject: Letters of Credit, Orono Woods Senior Housing Project <br /> Frana and Sons, Inc. has submitted Letter of Credit No. NZS439594 (copy attached) in the <br /> amount of$331,208 to cover the Phase II Improvements as outlined in the Cost Estimates by <br /> Tom Kellogg(attached). The Phase II LOC is structured as follows: <br /> 1. The Phase I LOC will continue in full effect at the complete amount of$83,700 until <br /> September 30, 2002. <br /> 2. The Phase II LOC in the amount of$331,208 reflects a reduction of$46,500 from the <br /> $377,708 estimate. A $46,500 reduction in the Phase I LOC was authorized by Tom <br /> Kellogg on 4-26-01. Frana has chosen to keep the Phase I LOC in full effect rather than <br /> reduce it, as a cost saving measure, since each reduction or change to a LOC incurs a fee. <br /> I OK'd the current proposal May 7. The Phase II LOC expires 11-15-02 but <br /> automatically extends to May 1, 2003. <br />