Laserfiche WebLink
0 O <br /> CITY of ORONO <br /> s Municipal Offices <br /> \\ Street Address: Mailing Address: <br /> \EsBde' 2750 Kelley Parkway P.O. Box 66 <br /> Orono, MN 55356 Crystal Bay, MN 55323-0066 <br /> September 11, 2002 <br /> Mike Benedict <br /> Frana and Sons, Inc. <br /> General Contractors <br /> 633 Second Avenue South <br /> Hopkins, MN 55343 <br /> Re: Orono Woods Senior Housing - Authorization to Reduce Letters of Credit <br /> and Request for Extension of Expiration Date <br /> Ref.: LOC No. NZS425463 dated December 27, 2001 and <br /> LOC No. NZS439594 dated May 7, 2001(sic) <br /> Dear Mr. Benedict: <br /> Per your request (via Curt Zimmerman) of September 6, 2002, City Engineer Tom Kellogg has <br /> inspected the Orono Woods Senior Housing site and has determined that a significant percentage of <br /> the work has been satisfactorily completed. Therefore, he has recommended a reduction of your <br /> letters of credit from the original amounts, as follows: <br /> Original Reduction Amount to <br /> Amount Remain in <br /> Effect <br /> LOC No. NZS425463 $ 83,700 $ 83,700 $ 0 <br /> LOC No. NZS439594 $ 331,208 $ 190,958 $ 140,250 <br /> Total $ 414,908 $ 274,658 $ 140,250 <br /> This letter will serve as City of Orono authorization to you and to Wells Fargo Bank NA to allow <br /> expiration of LOC No.NZS425463 on September 30,2002 and reduction of LOC No.NZS439594 <br /> to an amount of$140,250. We are also requesting that the expiration date for LOC No.NZS439594 <br /> be extended to September 30,2003. The intent of this extension is primarily to provide guaranty for <br /> landscaping materials during their first year of growth. <br /> Telephone(952)249-4600 • Fax(952)249-4616 <br /> www.ci.orono.mn.us <br />