HomeMy WebLinkAboutengineer letter Bracketts Development LOC Reduction 10-22-19
October 9, 2018
Planning and Zoning Department
2750 Kelley Parkway
Orono, MN 55356
RE: Southways Development
Letter of Credit Reduction
Dear Jeremy:
As requested, we have reviewed the applicants request to reduce the letter of credit for the Southways
Development. In general, the following items remain to be completed:
Landscaping: $10,000
Common Excavation: $0
Sanitary Sewer: $0
Remove Existing Sanitary Sewer: $0
Storm Sewer: $0
Class 5 Base and Fabric: $0
Bituminous Paving (remove old road): $50,000
Erosion Control: $5,000
Lift Station and Manhole: $0
Total: $65.000
The remaining work has an estimated value of $65,000. 150% of this value is $97,500. However the
minimum Security amount 10% of the improvements estimate which in this case is $100,933.
Therefore, it is recommended that the City retain a letter of credit in the amount of $100,933.
Please let me know if you have questions or need additional information.
Sincerely,
Adam T. Edwards, P.E.
City Engineer/ Director of Public Works
City of Orono