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