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.