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Letter of Credit Reduction Request <br />Old Mill Estates <br />Analysis completed by Mark Statz — 2/18/2022 <br />Outstanding Liabilities: <br />A warranty bond for the contract with Weidema Construction for the public infrastructure on the <br />project has been submitted and approved by the city. Therefore, a letter of credit for any of that work <br />which has been completed and approved is not necessary to secure the warranty period. The list below <br />represents work which has not yet been completed or is defective and needs correction. <br />$1,000 Future payment of Irrigation Service repair (RJs) <br />$20,000 Boulevard Turf Establishment (hydro -mulched as of 12/2). Some areas still need finish <br />grading, mostly on the back side of sidewalks/trails in non -front yard areas. Will check <br />growth of turf in spring. <br />$2,000 Re-establish entrance monument landscaping <br />$5,000 Removal of Erosion Control Devices (not associated with individual home sites) <br />• Silt Fence (around site perimeter) <br />• Biologs <br />• Inlet Protection (Silt Sacs) <br />$10,000 Provide evidence of closure of all permits <br />• Rice Creek Watershed District <br />• Wetland Impacts <br />• General Permit <br />• NPDES <br />$1,000 Proper placement of street signs <br />$5,000 Submit record plans (as-builts) <br />$2,000 Submit as -built of ponds, including bathometric survey <br />$3,000 Submit statement from RLS noting that all irons have been placed <br />$4,000 Reimburse city for portion of trail and railing eliminated from project (north -south <br />connection) <br />$2,000 Rear Yard Draintile Televising <br />$55,000 Total <br />x150% <br />$82,500 Proposed LOC Amount to be Retained <br />