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LC Release Letter 10-28-08 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. i i 20 Fax: 952.227.1110 Recreation Center 231 0 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 WNW.ci.chanhassen.mn.us o<o~~(,e October 28,2008 Mr. Paul Maahs Vice President Community Bank Corporation 706 Walnut Street Chaska, MN 55318 Re: Letter of Credit No. 704234 for Custom Fab Solutions Planning Case 2006-36 Dear Mr. Maahs: The above-referenced project has been completed in general conformance with the approved Site Plan Agreement. Enclosed please find your original Letter of Credit No. 704234. Also enclosed is your original Letter of Credit No. 703898 which was replaced with Letter of Credit No. 704234. We are now closing our files on this project. Sincerely, CITY OF CHANHASSEN _ ~~';--" ~~i.\~4 Sharmeen AI-J aff Senior Planner SA:ktm c: Mr. Mike Elftmann, Enclosures Chanhassen is a Community for Life. Providin9 for Today and Plannin9 for Tomorrow IRREVOCABLE STANDBY LETTER OF CREDIT RECEIVED DEe 2 4 Z007 ISSUER: Community Bank Corporation 706 Walnut Street Chaska, MN 55318 r:ITY OF CHA}.}fASSEN Date ofIssue: 12-21.2007 Letter of Credit Number: 704234 Amount: U.S. $ 2.610.00 ( two thousand six hundred ten and no/I 00 U.S. DOLLARS) For Benefit Of: Beneficiary Name and Address For Account Of: Applicant Name and Address City of Chanhassen 7700 Market Boulevard, Chanhassen, MN 55317 Elftmann Family, LLC 5001 American Boulevard West, Suite #395 Bloomington, MN 55437.1150 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 the maximum number of drawings is greater than one) together with the documents described below. Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under [Issuer name] Letter of Credit No. [Letter of Credit number] dated [Letter of Credit date]." 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. DRAWINGS. [XJ Partial drawings shall not be permitted under this Letter of Credit. o Partial drawings are permitted. The maximum number of drawings that may be made is DOCUMENTS. Each Draft must be accompanied by the following, an original and two copies except as stated: [j] The original Letter of Credit, together with any amendments. o A sight draft drawn by Beneficiary on Issuer. o A signed statement by Beneficiary including the following statement: 00 Other documents: A sight draft drawn by Beneficiary on Issuer bearing the clause "Drawn under Letter of Credit No. 704234, dated December 21, 2007, of Community Bank Corporation" and 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. SPECIAL INSTRUCTIONS: Irrevocable Standby Letter of Credit VMP@ Bankers Systems 1M Wolters Kluwer Financia' Services @ 200t. 2007 ~NDBY 6/2. t/2007 PC612 (0706}.00 Inilials: Page 1 of 2 EXPlRA1i19NPATE.'Thi~;Letter of Credit expires at the close of business at Issuer's address at 4:00 p.m. C,S.T. (Time) on 12-21.2008' "', (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. o If Beneficiary has not drawn the full amount of this Letter of Credit prior to the Expiration Date, the Expiration Date shall be extenqed fqr a period of days from the Expiration Date, unless Issuer notifies Beneficiary in writing at least days prior to the Expiration Date that Issuer elects not to extend this Letter of Credit. In any event, this Letter of Credit shall expire on without any notice from Issuer to Beneficiary. TRANSFERABILITY. This Letter of Credit is 0 transferable !XI non-transferable. APPLICABLE LAW. This Letter of Credit shall be governed by: IX! the Uniform Customs and Practice for Documentary Credits, 2006 Revision, International Chamber of Commerce Publication No. 600 (UCP), or any later version or amendment. o the International Standby Practices 1998 (ISP98). This Letter of Credit shall also be governed by the laws of Minnesota , the United States of America, so long as such laws are not inconsistent with the UCP or ISP, as applicable. I) - ~(-)C}i)? (Date) By (Signature) Paul W. Maahs. Vice President (Signer Name and Title) Irrevocable Standby Letter of Credit VMP@ Bankers Systems TM Wolters Kluwer Financial Services @2001. 2007 Initials: LC-STANDBY 6/21/2007 VMPC612 (0706),00 Page 2 of 2 IRREVOCABLE STANDBY LETTER OF CREDIT ISSUER: Community Bank Corporation 706 Walnut Street Chaska, MN 55318 Date of Issue: 12-27-2006 Letter of Credit Number: 703898 Amount: U.S. $ 26.710.00 ( twenty six thousand seven hundred ten and no/100 U.S. DOLLARS) For Benefit Of: Beneficiary Name and Address For Account Of: Applicant Name and Address City of Chanhassen 7700 Market Boulevard, Chanhassen, MN 55317 Efllmann Family, LLC 5001 American Boulevard West, Suite #395 Bloomington, MN 55437.1150 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 the maximum number of drawings is greater than one) together with the documents described below. Each Draft shall be . signed on .behalf of Beneficiary and be marked "Drawn under [Issuer name] Letter of Credit No. [Letter of Credit number] dated [Letter of Credit date]." 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. DRAWINGS. o Partial drawings shall not be permitted under this Letter of Credit. [XJ Partial drawings are permitted. The maximum number of drawings that may be made is 2 DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated: [XI The original Letter of Credit, together with any amendments. o A sight draft drawn by Beneficiary on Issuer. o A signed statement by Beneficiary including the following statement: 00 Other documents: A sight draft drawn by Beneficiary on Issuer bearing the clause "Drawn under Letter of Credit No. 703898, dated December 27, 2006, of Community Bank Corporation" and 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 identify or authority of the person presenting the draft and such documentation. SPECIAL INSTRUCTIONS: EXPIRATION DATE. This Letter of Cledit expires at the close of business at Issuer's address at 4'00 p m CST (Time) on 12-27.2007 (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. [XI If Beneficiary has not drawn the full amount of this Letter of Credit prior to the Expiration Date, the Expiration Date shall be extended for a period of 365 days from the Expiration Date,. unless Issuer notifies Beneficiary in writing at least 45 days prior to the Expiration Date that Issuer elects not to extend this Letter of Credit. In any event, this Letter of Credit shall expire on 12-27-2009 without any notice from Issuer to Beneficiary. ~ @2oo1 Bankers Systems, Inc., St. Cloud, MN Form LC-STANDBY 1/15/2002 SCANNED (page 1 of 2) (7: }O 7: aBed) <:OOll9 ill A80NIf 1S-::>1 WJO~ NVII. 'pnol3 "lS "OUI 'SW"lsAS SJ"~U"8 100l@ ~~ ;.-:. (~IlU plI1! ~1lIllN l~ull!S) luaplS8Jd a:llA 'slJeew 'Mlned (~11Q) 9ocK-Lf- t/ '''lqe:mdde se 'dSI JO d;)fl "lp lp!M lU"lS!SUO:>II! lOU "Je sMel tpns se fuJOl os 'e:>p"mv JO S"lRlS p;:ll!U fl "lp , elOSaUU!W JO sMel "lp A:q p;:lW,,^og ~ oSle llelJs l!p;:lJ;) JO J"U;'Y} S!lT.L '(86dSI) 8661 s~!peJd A:qPUlllS lroO!limJ"luI "'lp 0 'lU"'mpU"'urn JO UO!SJ"'A J<')lel A:ue JO '(d;)fl) OO~ 'oN UOpR:>nqUd ~J"'mwO;). JO J~um1J;) JrooPew"luI 'UO!S!^""H E661 'Sl!p;:lJ;) Alelu"mn:>oa JOJ ":>!PeJd pm smolSn;) IDJoJ!Ufl "'lp !Xl :A:q p;:lW,,^og ~ lle1JS l!p;:lJ;) JO J"'u;'Y} S!lT.L 'AWl 31HV;)I1ddV . ''''lqeJ'''Jsuell-uou 00 "NeJ"JSUeJl 0 S! l!p;:lJ;) JO J"U;'Y} s!llL 'A.LI1IHV"H3tlSNW.L Status Report 11/15/08 PLAN.OR2 ;s M 111;la~il rSi M ~~_~"i 1 2 3 4 ~~:.1:~::t5..1~~J~.J~ za 21 22 23 24 25 ~!:: ~~:: ~~:: ~~:: 31:..... ~ Securities 111\5/08 12/21/08 It! LC #703898 Expires 12/27/07 at 4pm CST Custom Pab Solutions 7600 Quattro Drive Lot 1, Block 1, Permag Corp. Addition Site Plan Agreement 06-36 $26,710 Notify Sharmeen AI-Jaff on 11/1/07 11/27/07 - Per Jill, OK to reduce LC to 10% ($2,670) and extend for another year to expire 12/27/08. 11/29/07 - Sent letter to bank authorizing reduction to $2,670 and expiration date of 12/27/08. Check status 12/14/07. Kim 12/24/07 - Received replacement LC #704234 in the amount of $2,610 and expires on 12/21/08. Kim 10/27/08 - Per Jill, the landscaping is complete and the Letter of Credit can be returned. Activity closed. Kim @2oo8 Lotus Development Corp. 10/27/08 at 1 :57 PM S=Slatus 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 November 29,2007 Mr. Paul Maahs Vice President Community Bank Corporation 706 Walnut Street Chaska, MN 55318 Re: Request for Reduction in Letter of Credit No. 703898 for Custom Fab Solutions - Planning Case 06-36 Dear Mr. Maahs: The City of Chanhassen is requesting the above-referenced letter of credit (copy enclosed) be reduced to $2,670 with an expiration date of December 27, 2008. Please send confirmation of this reduction and extension to my attention no later than December 14, 2007. If you have any questions, feel free to contact me. Sincerely, ~~ Kim Meuwissen Planning Secretary Enclosure c: Mr. Mike Elftmann, Custom Fab Solutions g:\plan\2006 planning cases\06-36 custom fab solutions\1c reduction letter 11-29-07 .doc SCANNED The City of Chanhassen · A growing community with clean lakes, quality schools, a charming downtown, thriving businesses, winding trails, and beautiful parks. A great place to live, work, and play. Status Report 11/1/07 plan.OR2 M T W ..3....4....5....6..... ':;1nrnr':;3""1 Trnr'i'g"20"2 '24""25""26"27"'2 w~.3r................ M T W T F .."5i........1.....~..J...~.. ,7 8 9 10 11 . ':;4"i'5"i'6'Tnir: '21""22"23"24"25'; :~~::~~::~~::~L:::: M T W T . 1 .;.4....5....6..."7"...i3". .:;:;. ':;2 ":;3":;4' ':;5' ':;lr ':;9""20"2:;' '22' :.:~~::~~::~n~::~~. i1J S curities 1111/07 12/27/07 C LC #703898 Expires 12/27/07 at 4pm CST Custom Pab Solutions 7600 Quattro Drive Lot 1, Block 1, Permag Corp. Addition Site Plan Agreement 06-36 $26,710 Notify Sharmeen AI-Jaff on 1111/07 l ' ~ .................................................... ....... ...... . ......... ...... ... ........ ........ ............. ................... ......... .... ...................... ... "f"""' ........... ............................... ................................................................... .......... .............................................................................;:hJ&......\9....:..................... ............................................... @ 2007 Lotus Development Corp. 11/9/07 at 9:23 AM S=Status P=Priority Page 1