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<br />liROUND~" <br /> <br />'.'. -= <br /> <br />DEVELOPMENT INC. <br />7575 GoLDEN VALLEY RD . SUITE 310 . GOLDEN VALLEY; MN 5S427 <br /> <br />SALES: 763- 546- 3151 <br />OFFICE: 763-546-2625 . FAX: 763-546-7321 <br /> <br />~.GROUNDDEVELOPMENTCOM <br /> <br />March 18,200 <br /> <br />Mr. Dallas Larson <br />City Administrator <br />City of Centerville <br />1880 Main Street <br />Centerville, MN 55038 - 9794 <br /> <br />R.E: Pheasant Marsh 3'" Addition Letter of Credit <br /> <br />Dear Mr. Larson: <br /> <br />The purpose of this letter is to request a reduction in the letter of credit for Pheasant Marsh 3rd Addition. The City <br />Council approved the streets and utilities on January 23, 2008. With this approval ground Development, Inc is <br />requesting to reduce the financial security to the minimum amount allowed in the Development Contract. Also <br />attached with this lettcr is the final lien waiver to C. W. Houle showing final payment for street and utility <br />construction. <br /> <br />In reviewing the letter of credit reduction, all improvements for streets and utilities have been completed and <br />approved by the City. In review of the lot construction costs, 3 lots have obtained Certificates of occupancy and all <br />lot improvements have been completed. My calculation for the new Letter of Credit is $173,250.00. <br /> <br />Please schedule this Letter of Credit reduction on the next available City Council Meeting. If you need any <br />additional information to process this request please contact me immediately so we will not miss the next available <br />Council Meeting. <br /> <br />Thanks for you immediate attention and I will be in contact with you to expedite this request. <br /> <br />Sincerely. <br /> <br />~dU~ tJ <br /> <br />- <br /> <br />RECE,,,~{r <br />MAR 2 0 Z008 <br /> <br />Dale C. Runkle <br />Manager of Operations <br />Ground Development, Inc. <br /> <br />Cc: Joel Cooper, Anne Storm, Mark Statz and Steve Fiterman <br /> <br />CENTERVILLE. MN <br />