LC Reduction Letter 10-21-09
Status Report 5/1110 PLAN.OR2
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fIJ Securities
5/1/10
6/15/10
F
Attorneys,
Escrows
m LC #1521 expires 6/10/10
(automatically renews for successive one-year terms)
Milio's Sandwiches
Addendum A to Site Plan Permit 2003-06
Planning Case 08-22
$17,500 (Landscaping)
Time of Performance: June 15,2010
Notified Sharmeen AI-Jaff
10/19/09 - Per JilIlSharmeen, OK to reduce LC to 10% ($1,750). LC Reduction letter sent to bank on
10-19-09. Kim
@2009 Lotus Development Corp.
10/19/09 at 1 :48 PM S=5tatu$ P=Priority
Page 1
SCANNED
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
October 21,2009
Mr. Bryan C. Haines
Vice President
InterBank fsb
13601 80th Circle North
Maple Grove, MN 55369
Re: Reduction of Letter of Credit No. 1521- KLMS Group, LLC
Arboretum Shopping Center Drive-Thru
Planning Case No. 08-22
Dear Mr. Haines:
Please accept this letter as authorization to reduce Letter of Credit No. 1521 in the
amount of $17,500 by 90% ($15,750) to leave a remaining balance of $1,750 (10%).
Please send written acknowledgement of this reduction (jtyour earliest convenience.
If you have any questionS or concerns, please contact mebyemailat
saliaff@ci.chanhassen.mn.usor at 952-227 -1134.
Sincerely,
CITY OF CHANHASSEN
~~
Sharmeen AI-Jaff
Senior Planner
SAJ:ktm
g:\pian\2008 planning cases\08,22 arboretum shopping center mnor pud amendmentfordrive'thru\lc reduction letterlOc21,09.doc
SCANNED
Chanhassen is a Community for life. Providing for Today and Planning for Tomorrow
o
InterBank
IRREVOCABLE LETTER OF CREDIT
No. 1521
Date: June 10.2009
TO: City of Chanhassen
7700 Market Boulevard, Box 147
Chanhassen, Minnesota 55317
Dear Sir or Madam:
We hereby issue, for the account of KLMS GrouP. LLC. and in your favor, our Irrevocable Letter of
Credit in the amount of$17,500, available to you by your draft drawn on sight on the undersigned ban1e
The draft must:
a) Bear the clause, "Drawn under Letter of Credit No. 1521, dated June 10.2009, of Inter Savinszs Bank. fsb.
b) Be signed by the Mayor or City Manager of the City of Chanhassen.
c) Be presented for payment at 13601 80th Circle N. Maple Grove MN 55369. on or before 4:00 p.m. on June
1Q, 2010.
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 June 10th 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, P.O. Box 147, Chanhassen, MN 55317, and is actually received by the City Manager at least thirty (30) days
prior to the renewal date.
This Letter of Credit sets forth in full our understanding which shall not in any way be modified, amended,
amplified, or limited by reference to any document, instrument, or agreement, whether or not referred to herein.
This Letter of Credit is not assignable. This is not a Notation Letter of Credit. More than one draw may be
made under this Letter of Credit.
This Letter of Credit shall be governed by the most recent revision of the Uniform Customs and Practice for
Documentary Credits, International Chamber of Commerce Publication No. 600.
We hereby agree that a draft drawn under and in compliance with this Letter of Credit shall be duly honored
upon presentation.
~~~~
Its t/;C(? jj-~5/(~4Y
3400 West 66th Street, Suite 100 · Edina, MN 55435 · 952-920-6700 · Fax 952-920-7308
10880 175th Court. Lakeville, MN 55044. 952-435-6700. Fax 952-285-6660
1875 County Road B2 W · Roseville, MN 55113 · 651-288-6700 · Fax 651-288-4000
13601 80th Circle North. Maple Grove, MN 55369. 763-255-1700. Fax 763-255-1600
Chartered in 1965 SCANNED