HomeMy WebLinkAboutLOC reduction 10-22-19
October 22, 2019
James and Mary Jundt
C/O Brian Benson Via Email
201 East Lake St BKBenson@CBBurnet.com
Wayzata, MN 55391
Re: Southways Plat - Authorization to reduce Letter of Credit
Ref.: Wells Fargo Bank; LOC No. IS000042107U; Dated May 21, 2018
Mr. Benson,
Per your request the City’s Engineer has inspected the Southways site and has determined that a percentage of
the work has been satisfactorily completed. Therefore, a reduction of your letter of credit from the original
amount has been recommended as follows:
Original Amount Current Amount Approved Reduction Amount to Remain in
Effect
$1,009,327.50 $221,132.00 $120,199 $100,933
This letter will serve as City of Orono authorization to you and to Wells Fargo to allow reduction of LOC No.
IS000042107U, in the amount above. The intent of the remaining escrow balance is primarily to assure
completion of items listed in the City Engineers letter of October 9, 2019, attached.
Please feel free to contact me at 952.249.4626 or by email at jbarnhart@ci.orono.mn.us if you have any questions on
the above requirements.
Sincerely,
CITY OF ORONO
Jeremy Barnhart, AICP
Community Development Director
Cc: Ron Olson, Finance Director via email
Adam Edwards, City Engineer via email
Chuck Alcon, Engineer via email
David Osdoba, Wells Fargo via email David.J.Osdoba@wellsfargo.com