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In addition to amending the deadline date staff has also <br />agreed to amend the amount of the letter of credit on the- <br />basis that a large amount of the site work has been completed. <br />It is staff's opinion that the letter of credit can be reduced <br />to $10,000.00. Major expense on the site that remains to be <br />done is the paving of the area north and west of the existing <br />building. It is staff's understanding that the other costs <br />in regard to landscaping will be minimal. <br />Probably the most desirable method of arranging this change <br />is for the City of New Brighton to. release the attached Letter <br />of Credit for $30,000.00 and have your bank prepare a new Letter <br />of Credit for $10,000.00 to expire December 31, 1981. The <br />rationale for the December 31, 1981 deadline is to give the City <br />of New Brighton an opportunity once your deadline is up <br />(November 1, 1981) to draw upon the Letter of Credit. If you <br />have any questions or concerns, please contact me. <br />Sincerely, <br />41 <br />Joan M. Archer <br />City Planner <br />mh <br />Enclosure