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CI'T'Yof ORONO <br />Pat Ofrae B•• 66.Cry W B•r. Mr..n ffi=•M•Nup•1 OabF <br />On the North Shore of cake Minnetonka <br />May'll-1-1987 <br />Kathryn A. Frame <br />Administrative Assistant <br />Property Resources Corporation <br />Suite 500 <br />706 B4cond Avenue South <br />Minneapolis, MN 55402 <br />Dear Ms. Frame: <br />The City of Orono has collected monies under the First <br />Southdale National Bank of Edina Letter of Credit No. 403 to <br />cover the last one-half of 1985, and thereafter, principal <br />installments due on special assessments for improvements to <br />subject property as described in Letter of Credit No. 403. As I <br />recently discovered the request for payment calculation included <br />one parcel which had previously been paid in full. Further, the <br />estimate used to calculate the total required for the letter of <br />credit ($245,000.00) was greater than the actual assessments that <br />were later spread ($239,217.84). Because of this the amount to <br />be claimed was, in good faith, calculated to be ($114,630.77), as <br />we now understand it, this was inadvertently overstated by <br />$10,261.67. Unknown to the City at the time, another situation <br />existed between Schlee Builders and Mr. El of 3600 Livingston <br />Avenue (P.I.D. 17-117-23 34 0026), whereby Schlee Ruilders did <br />not pay off the outstanding assessments which was in violation of <br />the agreement with the City. we then did later apply $7,055.94 <br />from the letter of credit proceeds to Mr. ill's assessments, thus <br />paying the balance off in full. Therefore the amount remaining <br />to be applied against the 14 delinquent parcels covered under the <br />agreement is $107,574.83 or $7,683.92 per parcel. The <br />outstanding assessment pricipal for the second half 1985 through <br />the 1988 install,,,ents is $97,313.16 or $6,950.94 per parcel. The <br />amount available to be applied against the delinquent unpaid <br />assessment principal and/or interest installments balance <br />existing prior to January 1986 is $10,261.67 or $732.96 per <br />parcel. <br />WHINNGa IMING-4737117 • ♦INIMISMR 710Na FIN4Nt1 473734 • Ratlrwnan-47}7361 <br />MOF.\SINI: <br />