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/// � <br /> � � <br /> o O <br /> ,� - 1; �, <br /> �C�'�Y �� �U�flN�O <br /> �,, H l�tunicipa! Offices <br /> ti <br /> ' Sireet A�dress: Mailing A�dress: <br /> � �' ��� ' � G, . <br /> ��` �� �� ,�,�i-- <br /> ���Eg��,,�=� 2750 Kelley Parkway P.O. Box 66 <br /> Orono, MN 55356 Crystal Bay, MN 55323-0066 <br /> February 26, 2009 <br /> Steven W. Meyer <br /> Oppenheimer Wolff& Donnelly LLP <br /> Plaza VII, Suite 3300 <br /> 4� South Seventh Street <br /> Minneapolis, MN 5�402-1609 <br /> Re: Letter of Credit# MPLS 1007 (Letter of Credit for"Creekside in Orono") <br /> Dear Mr. Meyer: <br /> We acknowledge your letter of February 12, 2009 indicating that the above referenced Letter of <br /> Credit has expired absent a timely draw by the City of Orono. <br /> Expiration of the Letter of Credit in no way releases your client (Marshall Bank / BankFirst and/or <br /> BF - Rio Grande LLC) from its obligations as Developer per the terms of the Developer's <br /> Agreement (the "contract") dated February 9, 200� between the City of Orono and Creekside In <br /> Orono LLC. As successor to Creekside in Orono LLC by virtue of ownership of 5 of the 7 <br /> building lots as well as Outlot A (the open space commons area) and Outlot B (the private road), <br /> your clients control the majority of property upon which Improvements remain to be completed. <br /> The work remaining to be completed includes 1) completion of site grading according to contract <br /> doct:rler.ts; 2) com�letior. ef landscaping according to contract decu.ments; 3) restoration of r.:±s in <br /> the boulevard at intersection of Watertown Road and Apple Glen Rd.; 4) installation of Infi-Shield <br /> (manhole waterproofing membrane) on off-street manholes per City standards; 5) completion of <br /> wear course paving of road; and 6) submittal of record plans. <br /> Further, please be advised that the City of Orono will issue no building permits for any of the <br /> seven building lots until the work described above has been completed and accepted. As I have <br /> offered in past conespondence, we would be willing to entertain a proposal for phased completion <br /> of the landscaping work, and perhaps certain elements of tY:e site grading work, as long as <br /> appropriate security is provided. We will not issue building permits under any circumstances until <br /> items 3-4-5-6 aze completed. <br /> Please contact me at 952-249-4622 if you have any questions. <br /> Sincerely, ' <br /> -, �� L <br /> .`r�=/ �:� y� <br /> Michael P. Gaf�ron The above items have been satisified. <br /> Asst. City Administrator Mike Gaffron <br /> cc: Matthew Sawicki 2010 <br /> Soren Mattick, City Attorney <br /> �'�9ep�one(952)24t�-�1b��1� • �'ax(�52)24�-4bllfi <br /> wwew.z9.o�na�o.�au�.�� <br />