Loading...
Letter of Credit Release Letter 9-12-08 CITY OF CHANHASSEN 7700 Market Boulevard PO Box 147 Chanhassen, MN 55317 Administration Phone: 952.227.1100 Fax: 952.227.1110 Building Inspections Phone: 952.227.1180 Fax: 952.227.1190 Engineering Phone: 952.227.1160 Fax: 952.227.1170 Finance Phone: 952.227.1140 Fax: 952.227.1110 Park & Recreation Phone: 952.227.1120 Fax: 952.227.1110 Recreation Center 2310 Coulter Boulevard Phone: 952.227.1400 Fax: 952.227.1404 Planning & Natural Resources Phone: 952.227.1130 Fax: 952.227.1110 Public Works 1591 Park Road Phone: 952.227.1300 Fax: 952.227.1310 Senior Center Phone: 952.227.1125 Fax: 952.227.1110 Web Site www.ci.chanhassen.mn.us I q! I"Lc O~3 .July 27, 2007 Mr. David Esposito KleinBank 1550 Audubon Road Chaska, MN 55318 Re: Release of Letter of Credit No. 580046 - ABRA Auto Body & Glass Planning Case No. 06-24 Dear Mr. Esposito: We are hereby releasing the enclosed Letter of Credit No. 580046 as all conditions of the site plan agreement for the referenced site have been met. If you have any questions, please contact me at 952-227-1131 or by email at bgenerous@ci.chanhassen.mn.us. Sincerely, CITY OF CHANHASSEN ~/J Robert Generous Senior Planner RG:ktm c: Henry Cornelius g:\plan\2006 planning cases\06~24 abra\lc release letter 9-12-08.doc Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow IRREVOCABLE STANDBY LETTER OF CREDIT Letter of Credit Number: 580046 Amount: U.S. $ 34,220.00 (thirty four thousand two hundred and twenty dollars and zero cents U.S. DOLLARS) .j This Letter of Credit is issued on March 16, 2007 by Issuer in favor of the Beneficiary for the account of Applicant. fhe parties' names and their addresses are as follows: APPLICANT: ABRA CHANHASSEN REAL ESTATE COMPANY, LLP 6322 TIMBER TRAIL EDINA, Minnesota 55439 BENEFICIARY: CITY OF CHANHASSEN 7700 MARKET BOULEVARD, BOX 147 CHANHASSEN, Minnesota 55317 ISSUER: KLEINBANK 1550 Audubon Road Chaska, Minnesota 55318 1, LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if th" maximum number of drawings is greater than one). Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under KleinBank Letter of Credit No. 580046 dated March 16, 2007." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the draft. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit, or any document to which this Letter of Credit may be related. This Letter of Credit expires on the Expiration Date. 2, DRAWINGS. Beneficiary shall be permitted to make multiple drawings on this Letter of Credit. The maximum number of drawings that may be made on this Letter of Credit is O. "Draft" means a draft drawn at sight. 3. DOCUMENTS, Each Draft must be accompanied by the following, in original and two copies except as stated: A. The original Letter of Credit, together with any amendments. B. A sight draft drawn by Beneficiary on Issuer. C, The following other documents: The draft must be signed by the Mayor or city Manager of the city of Chanhassen.. Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identity or authority of the person presenting the draft and such documentation. 4. SPECIAL INSTRUCTIONS, THIS LETTER OF CREDIT SHALL AUTOMATICALLY RENEW FOR SUCCESSIVE ONE-YEAR TERMS UNLESS, AT LEAST FORTY-FIVE (45) DAYS PRIOR TO THE NEXT ANNUAL RENEWAL DATE (WHICH SHALL BE AUGUST 16 OF EACH YEAR), THE BANK DELIVERS WRITTEN NOTICE TO THE CHANHASSEN CITY MANAGER THAT IT INTENDS TO MODIFY THE TERMS OF, OR CANCEL THIS LETTER OF CREDIT. WRITTEN NOTICE IS EFFECTIVE IF SENT BY CERTIFIED MAIL, POSTAGE PREPAID, AND DEPOSITED IN THE U.S.MAIL, AT LEAST FORTY-FIVE (45) DAYS PRIOR TO THE NEXT ANNUAL RENEWAL DATE ADDRESSED AS FOLLOWS: CHANHASSEN CITY MANAGER, CHANHASSEN CITY HALL, 7700 MARKET BOULEVARD, BOX 147, CHANHASSEN, MN 55318 AND IS ACTUALLY RECEIVED BY THE CITY MANAGER AT LEAST THIRTY 130) DAYS PRIOR TO THE RENEWAL DATE. THIS LETTER OF CREDIT SETS FORTH IN FULL OUR UNDERSTANDING \^lHICH SHALL NOT IN ANY WAY BE MODIFIED, AMENDED, AMPLIFIED, OR LIMITED BY REFERENCE TO ANY DOCUMENT, INSTRUMENT, OR AGREEMENT, WHETHER OR NOTE REFERRED TO HEREIN. 'See Conditions for Advancement/further details. 5. EXPIRATION DATE. This Letter of Credit expires at the close of businllss at Issuer's address at 4:00 PM Central Time (Time) on March 16, 2008 (Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. 6. NON-TRANSFERABLE. This Letter of Credit is not transferable. 7. APPLICABLE LAW. This Letter of Credit is governed by the Uniform Customs and Practice for Documentary Credits, 1993 Revision, International Chamber of Commerce Publication No. 500 (UCP), or any later version or amendment. This Letter of Credit is also governed by the laws of Minnesota, except as those laws conflict with the Uniform Customs and Practice for Documentary Credits, Document 500. ISSUER: ~ KleinBank '.. ~/r ~k~~ ' ~~~":>J:~ Date ~ \tJ\ 01 ABRA CHANHASSEN REAL ESTATE COMPANY, LLP Standby Letter Of Credit MN/4CarolynM000059000055860 1 0031607Y @1996 Bankers Systems, Inc., St. Cloud, MN 0 Page 1 Status Report 7/31/08 PLAN.OR2 S JuJ 2000 T W T FS Auau$l2000 S M T W T F S 1 2 3 4 5 6" f'" 8' HgH '10 '11'12 1:F 14' '1SH16' 1 i' 1819 ZQi21H2n:i24'2SH26 27' 28' .2g..3031.........H. .................. SMTWTF ~ Securities I Start Due 7/31/08 7/31/08 S o p Category Qg~cription LC #580046 expires 8/16/07 (renews automatically) ABRA Auto Body & Glass Planning Case 06-24 $34,200 for Landscaping Notify Bob Generous. 7/27/07 - Per Bob/Jill, ok to reduce to $3,400. Letter sent to bank on 7/27/07. Kim 1119/07 - Per Bob check status on 6/30/08. Kim 6/3/08 - Jill inspected site and made the following observations: 6 dead trees Remove and replace existing maple along parking lot Check status 7/31/08. Kim 8/27/08 - Bob, status? Kim 8/27 /08 - Per Jill, all dead trees have been replaced. OK to release LC Kim 9/12/08 - LC returned to bank. Activity closed. Kim @ 2008 Lotus Development Corp 9/12/08 at 1:52 PM S=Status PooPriority Page 1 II /l lL=,~ Meuwissen, Kim From: Sent: To: Subject: Sinclair, Jill Wednesday, August 27,200810:38 AM Generous, Bob; Meuwissen, Kim RE: Abra Escrow status? They were going to let me know wh~r~Qg.D~, but I haven't heard from them, I've been by and can confirm that A --0- all dead trees have been replaced(/Ok to release,<<) ~==-=,='c,.,~.cc.,<'''' . Jill Sinclair Environmentd Ecsourccs Specicllist City of Chanh:isscn 9;:)2.2271133 From: Generous, Bob Sent: Wednesday, August 27,200810:11 AM To: Sinclair, Jill Subject: FW: Abra Escrow status? I know you met on site. Can we release the balance or do we hold it? From: Meuwissen, Kim Sent: Wednesday, August 27,20089:32 AM To: Generous, Bob Subject: Abra Escrow status? - - --- - - - ~ -==:"""'-~.- [C #580046expires8(~.~/92 (ren'ews~dnt()hiatrcal Iy) ABRA Auto Body & Glass Planning Case 06-24 $34,200 for Landscaping -<:;) Notify Bob Generous. 7/27/07 - Per Bob/Jill, ok to reduce to $3,400. Letter sent to bank on 7/27/07. Kim 11/9/07 - Per Bob check status on 6/30/08. Kim 6/3/08 - Jill inspected site and made the following observations: 6 dead trees Remove and replace existing maple along parking lot Check status 7/31/08. Kim 8/27/08 - Bob, status? Kim 1 Status Report 7/31/08 PLAN.OR2 Julv 2000 IS M T W T F S 1 2 :i '4"5"67"1f 9""0"""'2"'3"'4'15 nr'7"'8"'9"20"2,"22 23'24"25"26'27 "28"29 36'31 1 2 3 '61' .7....8....9..'.0..' 1'3"'4"'5"'6' "'7'" 20' 2"'22"23"24"25 27'28..29.30..3'...... .u...... ,.. F 'ii' Securities I Start Due 7/31/08 7/31/08 S o p Category Description LC #580046 expires 8/16/07 (renews automatically) ABRA Auto Body & Glass Planning Case 06-24 $34.200 for Landscaping Notify Bob Generous. 7/27/07 - Per Bob/Jill, ok to reduce to $3,400. Letter sent to bank on 7/27/07. Kim 11/9/07 - Per Bob check status on 6/30/08. Kim 6/3/08 - Jill inspected site and made the following observations: 6 dead trees Remove and replace existing maple along parking lot Check status 7/31/08. Kim 8/27/08 - Bob, status? Kim 8/27/08 - Per Jill, all dead trees have been replaced. OK to release LC. Kim @2008 Lotus Development Corp 9/4108 at 3:46 PM S=Stalus P=Priority Page 1 $t'atus Report 7/31/08 PLAN.OR2 000 T F S 1 n5nnfj nY"'if 9 10 lln'2n,3n,4'15 1'6",7"'8""' g"" 20""2"22 23"24252fjn2728 '29 36"3fnnnnnnnnn n , F M T W T F fif" Securities I Start Due 7/31/08 7/31/08 S F p Category Description LC #580046 expires 8/16/07 (renews automatically) ABRA Auto Body & Glass Planning Case 06-24 $34,200 for Landscaping Notify Bob Generous, 7/27/07 - Per Bob/Jill, ok to reduce to $3,400, Letter sent to bank on 7/27/07, Kim 11/9/07 - Per Bob check status on 6/30/08, Kim 6/3/08 - Jill inspected site and made the following observations: 6 dead trees Remove and replace existing maple along parking lot Check status 7/31/08, Kim @2008 lotus Development Corp 6/4/08 at 2:26 PM S",Slatus P=Priorily Page 1 ~ ~~ 'r. W T F M 1 jpH! il [i~ 1 2 3 4 ffil~lJijni s o p Category Escrows Kim ~1:\ f?'.-... '''\~ -i '\ t~:.~(. t-'t Zl- (f r l.( I O~G ~. ,.). ~ (?i/ ".,o?l -,1WJ(~'~ tY.:ilf "';,~? ,J h".- ': ';/ <,.!) . ..........f.,',~-,~j../ .....~...........................~........ uu'. 'u uuuu uuuu .uu..u...........u..uu........t ... ..... .. . -.. .. ~ .......... . .. . .. .. .. .. . .. .. . .. .. . .. . .. .. ....... ..... ............... ................. .......... ...... ..... ...... ............................u~..\... ..........~~.~.~.~j[~j;~.. I uuufuu.uuu.... t:):'1:~.u @2008 Lotus Development Corp 6/2/08 a18:12 AM S=Status f'=Priority Page 1 Status Report 6/30/08 plan.OR2 JulV 2000 S M T W T F S 1 '2" 3 ...4....5....6. . or "if i:i"10'11"1213'14"15 nf17'Hj'19"202f22 2:f 24' 25" 262'7" 28 '29 303f A S M T 1 2 3 4 .6..7..8....9...10.11. 1'3 14 15 16 17 18 2ti'21" 22" 23 '24"25'26 27 28" 29' 30' 31" ......... Sentember 2000 S M T W T F S 1 2 T' 4'" 5.... 6"7'" 8 "g' 'iO'11' '12' '13 '14' '15'1'6 1"1' 18' '19' 20' 21" 22 "23 24' 25" 26' 27' 28" 29'30 ........................................ 6/30/08 6/30/08 F LC #580046 expires 8/16/07 (renews automatically) ABRA Auto Body & Glass Planning Case 06-24 $34,200 for Landscaping Notify Bob Generous. 7/27/07 - Per Bob/Jill, ok to reduce to $3,400. Letter sent to bank on 7/27/07. Kim 11/9/07 - Per Bob check status on 6/30/08. Kim @2007 Lotus Development Corp. 11/9;07 at 10:02 AM S=StaIU5 P=Priority Page 1 Status Report 8/16/07 plan.OR2 ;.:~:a.> Securities '$0 : Due I Start 8/16/07 8/16/07 Description .' . ...... 8/16/07 580046 expIres LC # mati cally) (renews auto B dy & Glass AI3RA Auto 006_24 . "Case . Plannm" Landscapmg 534,200 for B b Generous. Notify 0 to $3 400. Bob/Jill, ok to reduce . , ~2~/07 - Per ............. . ....................t........ ....................... ............../........ ............... '9). ~Ci.Ci>\J-:~~ ...... . . ....(j)~..... ......:....t..... ~~t5J\Y'~ ...............'\:"'. ....... ..... ... ,A/ CYCf57j;. ......~ J...c.. '.' 'j'.. t..............\..\P... ..... ............. ~a9Jl mm ,'-' J}. 0\.. . .. ~......... ............ mm.... lmm ~)f! ~ 7~iii\m m z:;p. \/'. m m mm q \~ ......m.......~.mm. ....mm .....~...............~.....~...l~............,..... tr;~'1 ..,.~. ...... ......:::. .:..-..j,..~I...':2r.....~I.v ~~i.... .......... u..:: ................... .. ~ V' I ~ ............ ~C(,f\~~m. .m S C p Category \7 \.p, '~ 'i Check status 8/16/07. Lcttcr sent.to.ban~.~n7/27/07 ...............................:.......:.................::.......:.......................... I pmenl Corp @2007 Lotus Deve 0 8/16/07 at 1:19 PM S=Slalus P;-:Priority Page 1 Status Report 8/16/07 plan.OR2 Jut SM T W F 1 2/ 3 ..4....s...ij...T..if 'IE1'ii"11' '12 "13"14'15 16"17"18' '19"20"21'22 2~n4'2S'2ij"2128'29 30.31........................., S M T W fJf Securities I Start Due 8/16/07 8/16/07 S F p Category peSCrjpti(jl1 LC #580046 expires 8/16/07 (renews automatically) ABRA Auto Body & Glass Planning Case 06-24 $34,200 for Landscaping Notify Bob Generous. 7/27/07 - Per Bob/Jill, ok to reduce to $3,400. Letter sent to bank on 7/27/07. Check status 8/16/07. Kim ~ ~ hec0 t Bo S ~(5~y\ CHArJ\tA:S~\::: rv' ( -\-<2 N (L '-f Co~L IlZ> n"2- Z '-\ 0 Lf q 7S- \.J <1')2.- q~~ <i (PCh LeI t:t.-'-~ ~D LV IV'\S(; \) .-NV 'i 'Tf-( I40G ( F Yl1l{ \2lf-;;,6 @2007 Lotus Development Corp 7/27/07 at 128 PM S=Status P=Priority Page 1 CITY OF CHANHASSEN 7700 Market Boulevard PO Box 147 Chanhassen, MN 55317 Administration Phone: 952.227.1100 Fax: 952.227.1110 Building Inspections Phone: 952.227.1180 Fax: 952.227.1190 Engineering Phone: 952.227.1160 Fax: 952.227.1170 Finance Phone: 952.227.1140 Fax: 952.227.1110 Park & Recreation Phone: 952.227.1120 Fax: 952.227.1110 Recreation Center 2310 Coulter Boulevard Phone 952.227.1400 Fax 952.227.1404 Planning & Natural Resources Phone: 952.227.1130 Fax: 952.227.1110 Public Works 1591 Park Road Phone: 952.227.1300 Fax: 952.227.1310 Senior Center Phone: 952.227.1125 Fax: 952.227.1110 Web Site www.ci.chanhassen.mn.us July 27,2007 f:srfO~-"'\.:.K" Mr. David I3cSpOsffl KleinBank 1550 Audubon Road Chaska, MN 55318 Re: Letter of Credit Reduction - ABRA Auto Body & Glass Planning Case No. 06-24 Dear Mr. Besposto: Please accept this letter as authorization to reduce Letter of Credit No. 580046 by $30,820 to leave a remaining balance of $3,400. Please send written acknowledgement of this reduction at your earliest convenience. If you have any questions or concerns, please contactme or at 952-227-1131. at RG:ktm The City of Chanhassen · A growing community with clean lakes, quality schools, a channing downtown, thriving businesses, winding trails, and beautiful parks. A gmat place to live, work, and play.