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<br />H:\ORNO\C13115486\1_Corres\C_To Others\Bracketts Development LOC Reduction 10-9-18.docx <br /> <br />November 9, 2018 <br /> <br /> <br />City of Orono <br />Attn: Adam Edwards <br />PO Box 66 <br />Orono, MN 55323 <br /> <br />RE: Southways Development <br />Letter of Credit Reduction <br /> <br /> <br />Dear Adam: <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: $46,185 <br />Common Excavation: $4,930 <br />Sanitary Sewer: $5,643 <br />Remove Existing Sanitary Sewer: $16,500 <br />Storm Sewer: $1,438 <br />Bituminous Paving (remove old road): $49,350 <br />Erosion Control: $8,375 <br />Lift Station and Manhole: $15,000 <br />Total: $147,241 <br /> <br />The remaining work has an estimated value of $147,241. Therefore, it is recommended that the City <br />retain a letter of credit in the amount of $221,132 (150% of the estimated value). <br /> <br />Please let me know if you have questions or need additional information. <br /> <br />Sincerely, <br />Bolton & Menk, Inc. <br /> <br />David P. Martini, P.E. <br />Principal Engineer <br /> <br /> <br /> <br />