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<br />GROUND DEVELOPMENT <br />7575 GOLDEN V ALLEY RD. #300 <br />GOLDEN VALLEY, MN. 55427 <br />763-546-2625 <br /> <br />June 1,2009 <br /> <br />Centerville City Council <br />C/O Dallas Larson <br />1880 Main Street <br />Centerville, Mn. 55038 <br /> <br />Re: LlC Ground Development <br /> <br />Dear Council Members, <br /> <br />On June 15,2009 Ground Development is required to extend it's Letter of Credit # <br />NZ569543 with the City ofCenterville as agreed upon in the Development Agreement, <br />with the City, for Pheasant Marsh 3rd addition, dated March 31, 2006. <br /> <br />For your information, and to provide you an update on the Pheasant Marsh 3'd Addition. <br />On January 23,2008 the City Council approved and accepted the streets and utilities for <br />the 3'd and final addition of Pheasant Marsh. Ground Development had complied with <br />and completed the final punch list provided by the City staff and it's consulting engineer. <br />All development work required for completion of the 3'd Addition, as required of Ground <br />Development, by the Development Agreement had been completed and excepted. <br /> <br />On March 18, 2009 Ground Development request a reduction and extension in the <br />Development agreement security (Letter of Credit # NZ569543). On March 26,2008 the <br />City Council approved both the reduction and extension at its regular Council meeting. <br /> <br />The agreed reduction was calculated in conformance with Section 16 (Security) of the <br />Development agreement. The amount of the extended LlC requested would be <br />$173,248.00 consisting of $96,260.00, the Minimum 10% of the original amount of the <br />LlC per the agreement, and $77,000.00 calculated per section 16, I d, representing $3,500 <br />per vacant building site which secures the ultimate builders compliance with the final <br />grade/sod/and curbstop requirements of the City at the time of Certificate of Occupancy. <br /> <br />During these very difficult times in the residential housing industry/market I respectfully <br />ask that the Council agree to waive the requirement under our Development Agreement <br />that securitizes the conformance of the ultimate builder to final grade his lot, plant trees, <br />sod the yard, and conform with City standards relative to driveway aprons. <br />