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.1 April 6, 2009 City of Sunny Isles Beach Sunny Isles Beach Government Center 18070 Collins Avenue, City Clerk First Floor Meeting Room Sunny Isles Beach, FL 33160 Gentlemen: Re: Principal: Project: Est. Contract Value: Turner Construction Company Heritage Park and Parking Garage $12,500,000.00 We understand discussions are taking place regarding the subject construction project and we have been asked to confirm the strength of Turner Construction Company. It is typical in today's market for any large account to utilize multiple sureties to provide capacity in the multi-billions of dollars of contract value. As lead surety in a multi-surety arrangement, Travelers Casualty and Surety Company of America has been privileged to support Turner for the last 15+ years together with Federal Insurance Company which has been privileged to provide performance and payment bonds for Turner for seventy-five years. The third participant in the multi-surety arrangement, and joining in 2001, is Zurich American Insurance Company. Most recently Liberty Mutual Insurance Company has been added to the co-surety team. All sureties are listed in the U.S. Treasury listing dated July 1, 2008 and licensed to do business in all states. Turner's reputation for high quality performance and management is prominent throughout the construction industry in the United States. Turner is part of their parent company surety program, HOCHTIEF AG, with bonded projects of various sizes and an aggregate capacity program of $4.5 billion and sufficient unused capacity to meet the needs of this project. Turner's surety program has never experienced an invoked bond in the 75 years of bonding projects. Turner is considered to be an outstanding and highly experienced contractor in the U.S. Turner has the ability to perform this type of project and, subject to applicable underwriting guidelines, provide performance and payment bonds in connection with this project. The standard underwriting procedures in the surety industry would be performed prior to any final approvals and would be contingent on the satisfactory review of contract documents, confirmation of financing, acceptable payment provisions, acceptable bond forms, etc. As this letter is provided to document the abilities of Turner Construction Company, we assume no liability to third parties or to you by issuance of this letter. We are pleased to share with you our favorable experience and high regard for Turner Construction Company. Sincerely, TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA - AM. Best Rating A+ XIV Gonstructio Services, One Tower Square, 3PB, Hartford, CT 06183 (Connecticut Corporation) / I ~. 'Alice McLaughlin, ttor FEDERAL INSURANCE COMPANY - AM. Best Rating A++ XV 15 MoOntain ~: NJ 07061 (Indiana empo.."on) AJI~h"n, A omE"-Fact ZURIC!;i)AMERI AN INSURANCE COMPANY - AM. Best Rating A XV 1400 t . ri n n, ~umb g, IL 60196 (New York Corporation) AIiC~CLaUghlin, Attorney-i LIBERTY MUTUAL INSURANCE COMPANY - A.M. Best Rating A XV 450 P ....)outh R ad, Suite 400 Plymouth Meeting, PA 19462 (Massachusetts Corporation)