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