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1999-0921_BOYS & GIRLS CLUBS OF CAPISTRANO VALLEY_Contractor Transmittal Memo "'r► _ SEP 2 1 1999 F RI ES S PROJECT MANAGEMENT Lie.706656 GENERAL CONTRACTING COMPANY BUILDERS, INC. MEMORANDUM Date: September 21, 1999 To: John Shaw, City Attorney City of San Juan Capistrano From: Ken Friess Re: Request for relief from bond requirement Boys and Girls Club Youth Facility lease. Confirmation of funding. Enclosed please find a letter and back up documents from Anne Didion, the bookkeeping firm that audits the organization's bank accounts. Currently the Boys and Girls Club of Capistrano Valley has $566,700.41 in three accounts as noted by Anne. We have already distributed$228,437.74 for completed construction work. We also have the $500,000 HUD Grant that will become available in October and approximately $600,000 in pledges that will be paid during the next 12 months. In addition there is a$1.3 million construction loan available for bridge financing from American Sterling Bank. To date all grading, underground utilities, foundation and pads have been completed. Wall framing is starting this week. I am also including a copy of the project budget for the council's consideration. Thank you for your support on this matter. FOR CRY COUNCIL AG .... H a/2J / 31658 Rancho Viejo Road, Ste. B, San Juan Capistrano, CA 92675 Tel (949) 487-9700 Fax (949)248-8433 www.friessco.com