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9987.3 <br />DRAFT MEMO <br />SCHLEE BUILDERS <br />LETTER OF CREDIT <br />SUMMARY OF EVENTS <br />September 9, 1987 <br />ATTACHMENTS <br />A. Project 82-1 Resolution 1515 Dated 8/23/83 <br />B. Project 82-2 Resolution 1516 Dated 8/23/83 <br />C. Developer's Agreement Dated 8/2j/82 <br />D. Letter of Credit Dated 11/15/82 <br />E. Orono Letter to Schlee Dated 9/8/85 <br />F. Letter Requesting Payment 1/10/86 <br />G. Bankruptcy Proof of Claim - Undated <br />H. Worden Memo 11/12/85 - Schlee Builders <br />I. Property Resources Corporation Letter Dated 4/27/87 <br />J. City of Grono Letter Dated 5/131187 <br />K. Richard Anderson Letter Dated 9/12/87 <br />INITIAI. AGREEMENT <br />In 1982 Schlee Builders subdivided a piece of property abutting <br />Blaine Avenue in the City of Orono for duplex purposes. As part <br />of this subdivision, the developer entered into :a Developer's <br />Agreement. (Attachment C) regarding special asse.;sments for water, <br />sewer and streets to be financed initially by the City with a <br />special assessment against the property for the total of the <br />project improvements. The City was willing to enter into this <br />agreement provided that security for payment of the special <br />assessment agreement was a Lotter of Cro-dit. This at1roement was <br />