HomeMy WebLinkAboutRe: LOC, � � . CITY of ORONO
� Post Office Boa 66•Crystal Bay,Minnesota 55323•Municipal Offices
• � • • On the North Shore of Lake Minnetonka
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; April 5, 1989 f
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� Virgina� Jacques
� Merrill' Lynch R�ealty
� 315 Eas� Lake S!treet
� Wayzata, MN 55391
Re: Pl�t of "T�ees To Be" , Rainey Road
f Dear Ms. Jacques:
IPek your request, this letter is tc verify that the City of
' �Orono holds a "Standby Letter of Credit", Nc. SB 7259 in the
amount of $82,5D0 to ensur� completion of the private road to be
constru�ted within the above referenced plat. Expiration date of
the Letter of C=edit is 3/15/90. The Letter of Credit was issued
by Norwlest Banks.
In the event that the road wcrk is not completed on a timely
basis, the City would draw the necessary funds on the Letter of
Credit �rior to its expiration, and contract for completicn of
the road.
P1lase ccntact me at 473-7357 if you have further questions.
Sincerely,
/ +' �
Michael P. Gaffron,
Asst Planning & Zoning Administratcr
MPG/tln '
BUILDING�ZONpYG—473-7357 • ADMIIVISTRATION dk FINANCE—473-7358 • PUBLIC WORKS—473-7359
ASSESSING