LC Release Letter 7-22-09
CITY OF
CHANIlASSEN
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
Olp ~2-{
July 22, 2009
Mr. Chuck Peterson
KleinBank
1550 Audubon Road
Chaska, MN 55318
Re: Release of Letter of Credit No. 580002 for Waytek
Planning Case No. 2006-27
Dear Mr. Peterson:
The above-referenced project has been completed in general conformance with
the approved plans. Enclosed please find your original Letter of Credit No.
580002. We are now closing our files on this project.
If you have any questions, please contact me by email at
bgenerous@ci.chanhassen.mn.us or at 952-227-1131.
Sincerely,
~.C C'HA...N~.......H.....A......S..S.....EN..
./~.........
Robert Generous
Senior Planner
RG:ktm
Ene.
c: Mr. Mark Undestad, EdenTrace Corp.
....,. ......
g:\plan\2006 planning cases\06-27 waytek\1c release letter.doc
Chanhassen is a Community for Life. Providing for Today and Planning for Tomorrow
IRREVOCABLE STANDBY LETTER OF CREDIT
Letter of Credit Number: 580002
Amount: U.S. $ 5,000.00 (five thousand dollars and zero cents U.S. DOLLARS)
This Letter of Credit is issued on September 1, 2006 by Issuer in favor of the Beneficiary for the account of Applicant. The parties' names and their addresses are
as follows:
APPLICANT:
EDEN LLC
8156 MALLARY CT
CHANHASSEN, Minnesota 55317
BENEFICIARY:
CITY OF CHANHASSEN
7700 MARKET BLVD.
P.O. BOX 147
CHANHASSEN, Minnesota 55387
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 the maximum number of drawings is greater than onel. Each Draft shall be signed on behalf
of Beneficiary and be marked "Drawn under KleinBank Letter of Credit No. 580002 dated September 1, 2006." 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 5. "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.
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 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 BLVD., CHANHASSEN, MN 55317 AND IS ACTUALLY
RECEIVED BY THE CITY MANAGER AT LEAST THIRTY (30) DAYS PRIOR TO THE RENEWAL DATE.
5. EXPIRA nON DATE. This Letter of Credit expires at the close of business at Issuer's address at 4:00 PM Central Time (Time) on September 1, 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.
6. NON-TRANSFERABLE. This Letter of Credi1" IS I\ot 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.
'-'~
KleinB::k .
Ch terson
Date
q-I"'TJ~
EDEN, LLC
Standby letter Of Credit
MN/4XXdonnas009854000053090 120831 06Y
@1996 Bankers Systems, Inc.. St. Cloud, MN 0
Page 1
SCANNED
Status Report 8/17/09 PLAN.OR2
_ Securities
8/17/09
8/17/09
It!
LC #580002 expires 9/1/07 at 4:00 p.m. CST
(Automatically renews for successive one-year terms)
Waytek
Lot 3 and that part of Lots 1 and 2, Block 1, Chanhassen West Business Park
Site Plan Agreement 06-27
Planning Case 2006-27
$5,000 (boulevard restoration, erosion control, and landscaping)
Notify Bob Generous
6/7/07 - Bob, status? Kim
6/13/07 - Per Bob, Jill to inspect. If OK retain LC for another year. Kim
6/22/07 Per Jill, retain letter of credit for another year. Kim
8/27/08 - Bob/Jill, status? Kim
9111/08 - Per Jill, Dead evergreens on north berm. Hold LC until replaced. Check status 611/09. Kim
7/2/09 - Notified Bob & Jill. Kim
7/6/09 - Per Jill inspected on 5/19/09 and there are still two dead evergreens on the north berm. Bob
contacted Mark Undestad requesting tree replacement. Check status 8/17/09. Kim
7/21/09 - Per Jill evergreens have been replaced. OK to release LC. Activity closed. Kim
@2oo9 Lotus Development Corp.
7/22109 at 11 :26 AM S=Status P=Priority
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