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p <br />Q ART CENTER <br />of Minnesota <br />2240 North Shore Drive • Wayzaia. MN 55391 • (612) 473-7361 <br />June 2, 1989 <br />I r_-. f - . N \ I <br />— - - - !) <br />I <br />U'\\. <br />JUN - 5 <br />City of Orono <br />P. O. Box 66 <br />Crystal Bay, 55323 <br />Attention: Jeanne Mabusth, Zoning Mninistrator <br />Dear Ms. Mabusth: <br />Biis letter is in response to the Developer's Agreement viiich was <br />returned to your office this afternoon cilong with the other documents <br />requested by the City to enable us to be presented at the June 12th <br />Council meeting. <br />According to page 3 of the Develc^)er's Agreement, item 5, the Developer <br />is to furnish a Letter of Credit to ensure performance of the work in <br />the amount of 150% of the anticipated development costs. <br />It is ny iitpression that this Developer's Agreem^t is genercLLly used <br />by rather large construction firms vho have significant amounts of money <br />invested toward the oorpletion of a project as well as large sums at <br />risk should the development not ocxne to a satisfactory conclusion. <br />It is certainly to the benefit of the public that the City should <br />ascertain that any builder have significant edited, available to finish <br />a construction project. However, the Art Center project is quite a <br />snail issue cxxipared to the scale witli which you generally operate. <br />Iherefore, I would request that the City rescind that portion of the <br />Developer's Agreement requiring Art Center to provide a Letter of Credit. <br />CXir costs are slight, materials being purchased at a wholesale price, <br />and construction being done by our volunteers. <br />I would appreciate hearing from the Council or its r^resentative as soon <br />as possible regarding this request so that we may still appear before you <br />at the June 12 City Council meeting. <br />Many thanks for your consideration, <br />Sihceo^J-y <br />TflLS^ <br />tlvB" UUSctcii <br />flS/fr