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Rick JOPke Page Three <br /> October 20, 1993 <br /> There are no provisions in the Development Agreement for <br /> release from this requirement. I have attached past <br /> correspondence which requests time limitations on the letter <br /> of credit requirement. While no agreement vas reached as to <br /> specific time frame, clearly the correspondence sets forth <br /> the understanding that City staff would support a proposal <br /> for eliminating the letter of credit obligation as the <br /> Project matured and performed s. Suhsequeiitl # the City has <br /> approved a reduction from the initial requirement of <br /> $500,000 to $25080001 It has remained at this level since <br /> ovemberp 1989s our request is consistent with past <br /> considerations by the City for reduction and is appropriate <br /> given the nominal risk which may remain relative to <br /> nonpayment of real estate taxes. <br /> We appreciate your consideration of this request and are <br /> prepared to discuss this further if you should have any <br /> questions o. Please feel free to call sae at any time. <br /> Thank you for your attention to this mattere <br /> Very truly yours i <br /> TAE EVEREST LTDe <br /> &4A�" <br /> Allan Do Anderson <br /> Vice-President of Finance <br /> Enclosures <br /> ADA/Jk <br /> r <br /> w <br />