HomeMy WebLinkAbout2006-10-27 OPH Ltr to Applicant Re LOCCity of Oak Park Heights
October 27, 2006
Mr. Scott Tubman
CSM Development Corporation / CSM Financial, LLC
500 Washington Ave. S. Suite 3000
Minneapolis, MN 55415-1151
Dear Mr. Tubman,
Please let me know if you have any questions.
Sinc y,
Eric Johnson
City Administrator
Cc: Judy Hoist, Finance Director
Mark Vierling, City Attorney
Dennis Postier, City Engineer
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14168 Oak Park Blvd. N • Box 2007 • Oak Park Heights, MN 55082 • Phone (651) 439-4439 • Fax (651) 439-0574
RE: Letters of Credit (LOC) - Associated Bank #: DCN4080 $2,928,125.00
DCN4079 $1,067,000.00
You have recently contacted the City requesting a reduction in the amounts as held under the two above
letters of credit.
Specifically, the City does agree to release 81.4 percent of the LOC from Associated Bank, LOC#
DCN4080 leavin a continued securi for the Ci of Oak Park Hei hts of $ 545 700.00 as rounded.
These funds secure all items as listed under "PLAN A" in the Development Agreement between the City
and your firm. However, the current LOC amount will remain in place until the City receives and accepts a
revised LOC from Associated Bank incorporating this new figure and for an additional twelve months.
Additionally, the City does agree to release 59.7 percent of the LOC from Associated Bank, LOC#
DCN4079 leaving a continued security for the City of Oak Park Heights of $ 429,530.00 as rounded.
These funds secure all items as listed under "PLAN B" in the Development Agreement between the City
and your firm. However, the current LOC amount will remain in place until the City receives and accepts a
revised LOC from Associated Bank incorporating this new figure and for an additional twelve months.