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���$EsK��= 2150 Kelley Parkway P.O. Box 66
-- � Orono, MN 55356 Crystal Bay, MN 55323-0066
February 26, 2009
Steven W. Meyer
Oppenheimer Wolff& Donnelly LLP
Plaza VII, Suite 3300
45 South Seventh Street
Minneapolis, NIN 5�402-1609
Re: Letter of Credit# MPLS 1007 (Letter of Credit for"Creekside in Orono")
Deaz Mr. Meyer:
We acknowledge your letter of February 12, 2009 indicating that the above referenced Letter of
Credit has expired absent a timely draw by the City of Orono.
Expiration of the Letter of Credit in no way releases your client (Marshall Bank/ BankFirst and/or
BF - Rio Grande LLC) from its obligations as Developer per the terms of the Developer's
Agreement (the "contract") dated February 9, 200� between the City of Orono and Creekside In
Orono LLC. As successor to Creekside in Orono LLC by virtue of ownership of 5 of the 7
building lots as well as Outlot A (the open space commons area) and Outlot B (the private road),
your clients control the majority of property upon which Improvements remain to be completed.
The work remaining to be completed includes 1) completion of site grading according to contract
docur:er.ts; 2) completior. ef landscaging accordinb to contra�t dec�ar.lents; 3) restora±ior.of ruts in
the boulevard at intersection of Watertown Road and Apple Glen Rd.; 4) installation of Infi-Shield
(manhole waterproofing membrane) on off-street manholes per City standards; 5) completion of
wear course paving of road; and 6) submittal of record plans.
Further, please be advised that the City of Orono will issue no building permits for any of the
seven building lots until the work described above has been completed and accepted. As I have
offered in past correspondence, we would be willing to entertain a proposal for phased completion
of the landscaping work, and perhaps certain elements of the site gradinb work, as long as
appropriate security is provided. We will not issue building permits under any circumstances until
items 3-4-5-6 are completed.
Please contact me at 952-249-4622 if you have any questions.
Sincerely,
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, The above items have been satisified.
Michael P. Gaf�ron Mike Gaffron
Asst. City Administrator 2010
cc: Matthew Sawicki
Soren Mattick, City Attorney
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