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KRAUS-ANDERSON OF ELK RIVER, INC. <br />• April 27, 1995 ~~r <br />''k <br />Ms. Lori R. Johnson <br />Finance Director <br />City of Elk River <br />13065 Orono Parkway <br />Elk River,. MN 55330 <br />Re: Indemnity Bond <br />Elk Park Valu Center <br />Dear Lori, <br />Section 12 (O1) of Development Agreement with the City requires the <br />developer to provide up to $2,000,000 of security until Certificate of <br />Occupancy have been issued for 118,000 square feet in Block 2. The bond has <br />been in place for one year and is about to expire. <br />Rather than renew the bond we request the City waive the requirement since <br />155,310 square feet of retail space will have been developed by the end of <br />. July on Block 2. The purpose of the bond was to protect the City in the <br />event the developer didn't proceed with construction. In my opinion the <br />bond is no longer necessary. <br />Sincerely, <br />Carl E. Carlson <br />Development Manager <br />cc: Pat Klaers <br />cc/le <br />• <br />523 South Eighth Street • Minneapolis, MN 55404 • 612/332-7281 • Fax 612/332-8940 <br />A MEMBER OF TIIE KRAUS-ANDERSON COMPANIES <br />