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FRANA AND SONS, INC. <br /> GENERAL CONTRACTORS <br /> 633 SECOND AVENUE SOUTH, HOPKINS, MN 55343 <br /> PHONE: 952-935-8600 • FAX: 952-935-8644 <br /> December 13, 2001 <br /> Mr. Michael Gaffron, Planning Director <br /> City of Orono <br /> P.O. Box 66 <br /> Crystal Bay, MN 55323 <br /> Re: Orono Woods Senior Housing <br /> Dear Mr. Gaffron, <br /> We have discussed the request for Site Improvement Completion Assurance with Jim <br /> Ehrenberg of US Bank. US Bank will issue a certificate stating that it has $307,605.00 <br /> plus 50% security deposit of funds available to pay for the site improvements as <br /> described in the Contract for Construction dated 11/30/01. US Bank will release these <br /> funds to the contractor on a monthly basis with the regular draw funds only after <br /> approval from the City of Orono. A separate draw form will be used for this approval. <br /> Two weeks prior to the request for the Certificate of Occupancy Frana and Sons, Inc. <br /> will place a letter of credit for any uncompleted site improvement work. Frana and <br /> Sons, Inc. letter of credit will then be released when all work is completed and accepted <br /> by the City of Orono. <br /> US Bank's certificate will also state that if Frana and Sons, Inc. does not complete the <br /> site improvement work in a timely manner, than the City of Orono can step in and <br /> complete the work and draw upon the funds with a 10-day notice to the contractor. <br /> Hopefully, this process will meet with your approval and we can move forward with the <br /> project. <br /> Sincerely,pFr na and ons, Inc. <br /> 1 'I?n <br /> Peter J. Donnino <br /> President <br /> F:\USER\MICHELLE\1 PROJECTS\Orono Woods Senior Housing\Gaffron 12-13.doc <br />