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Ground Development Company <br />7575 Golden Valley Road #270 <br />Golden Valley, MN 55427 <br />(763) 546-2625 <br />April 14, 2017 <br />Mike Ericson <br />City Administrator <br />City of Centerville <br />1880 Main Street <br />Centerville, MN 55038 <br />Re: Letter of Credit Ground Development <br />Dear Mr. Ericson, <br />On June 15, 2017 Ground Development is required to extend its Letter of Credit <br />#NZ569543 with the City of Centerville as agreed upon in the Development <br />Agreement, with the City, for Pheasant Marsh 3rd Addition, dated March 31, 2006. <br />In 2016 the City Council approved a reduction in the Letter of Credit to $159,248.00 <br />consisting of $96,260.00, the Minimum 10% of the original amount of the letter of <br />credit per the agreement, and $63,000 calculate per section 16, 1d, representing <br />$3500 per vacant building site (18 left) which secures the ultimate builders <br />compliance with the final grade/sod/and curb stop requirements of the City at the <br />time of Certificate of Occupancy. <br />As of April 28, 2017, there will be 5 vacant building sites in Pheasant Marsh 3rd <br />Addition, so we are requesting a $45,500 reduction of the Letter of Credit <br />We are also requesting the Minimum 10% of the original amount of the Letter of <br />Credit be reduced to 5%. This would reduce the Letter of Credit an additional <br />$48,100, making the total Letter of Credit $65,648.00. <br />Please schedule this Letter of Credit reduction on the next available City Council <br />Meeting. If you need any additional information to process this request, please <br />contact me immediately so we will not miss the next available Council Meeting. <br />Sincerely, <br />'A� <br />Anne Storms <br />Business Manager <br />29 <br />