Release of Letter of Credit 1521 09-10-2010 3 —2 _
CITY OF September 10, 2010
CHANHASSEN
7700 Market Boulevard Mr. Bryan C. Haines
PO Box 147 Vice President
Chanhassen, MN 55317 InterBank fsb
13601 80 Circle North
Administration Maple Grove, MN 55369
Phone: 952.227.1100
Fax: 952.227.1110 Re: Release of Letter of Credit No. 1521 — KLMS Group, LLC
Arboretum Shopping Center Drive -Thru
Building Inspections Planning Case No. 08 -22
Phone: 952.227.1180
Fax: 952.227.1190
Dear Mr. Haines:
Engineering
Phone: 952.227.1160 Enclosed please find Letter of Credit No. 1521 in the amount of $17,500. This letter.
Fax: 952.227.1170 of credit was required to guarantee compliance with the terms of Addendum A to Site
Plan Permit 2003 -06 for the above - referenced project, specifically landscaping
Finance requirements. As the landscaping requirements have been met, we are returning the
Phone: 952.227.1140 letter of credit and closing our files on this project.
Fax: 952.227.1110
Park & Recreation If you have any questions or concerns, please contact me by email at
Phone: 952.227.1120 saljaff @ci.chanhassen.mn.us or at 952- 227 -1134.
Fax: 952.227.1110
Sincerely,
Recreation Center
2310 Coulter Boulevard CITY OF CHANHASSEN r
Phone: 952.227.1400
Fax: 952.227.1404
. 49
Planning & 6 ® °
Natural Resources Sharmeen Al
Phone: 952.227.1130 Senior Planner
Fax: 952.227.1110
Public Works SAJ:ktrn
1591 Park Road
Phone: 952.227.1300 Enclosure
Fax: 952.227.1310
c: Mark Leutem, KLMS Group, LLC
Senior Center
Phone: 952.227.1125 ec: Jill Sinclair, Environmental Resource Specialist
Fax: 952.227.1110
Web Site g: \plan\2008 planning cases \08 -22 arboretum shopping center minor pud amendment for drive- thru \c release letter 9- 10- 10.doc
www.ci.chanhassen.mn.us
Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow
InterBank
fsb
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 bank.
The draft must:
a) Bear the clause, "Drawn under Letter of Credit No. 1521, dated June 10, 2009, of Inter Savings Bank, fsb.
b) Be signed by the Mayor or City Manager of the City of Chanhassen.
c) Be presented for payment at 13601 80 Circle N, Maple Grove MN 55369, on or before 4:00 p.m. on June
0 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 Iimited 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.
B i✓ T
Its Vice A 4)/
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
Status Report 5/1/10 PLAN.OR2
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5/1/10 6/15/10 ® Attorneys, LC #1521 expires 6/10/10
Escrows (automatically renews for successive one -year terms)
Burger King site (fka 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 Al -Jaff
10/19/09 - Per Jill/Sharmeen, OK to reduce LC to 10% ($1,750). LC Reduction letter sent to bank on
10- 19 -09. Kim
5/1/10 - Notified Sharmeen. Kim
6/4/10 - Notified Sharmeen/Jill. Kim
6/9/10 - Per Jill, one linden at the SW comer and one arborvitae at the north patio need to be replaced.
Jill is contacting John Kruchten of Redking Foods - Burger King.
9/2/10 - Per Jill, OK to release letter of credit. Kim
9/10/10 - Letter of credit returned to bank. Activity closed. Kim
® 2010 Lotus Development Corp. 9/10/10 at 9:06 AM S= Status P= Priority Page 1