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Letter of Credit 839BGC1000252Status Report 7/1/11 PLAN.0132 S`M T W T F Si 1s 8 ....... 7 r S ................... 9'10 11 12 13 14 t� 16 17 18 19 20.N.. 23ti24 25 26 27 28�1 A111K *Au W ^. 'h M T W T F fi' 7 8 91011 't3 14 15 16 17 18 °' t1 21 2223 24 25 tM 2'28293031 ..... r€ M T W T F gS1 1 c 2 4 ...... ........... 8 q > F.........12 ..... 18 19 20 21 22 23 25 26 27 26 29 Securities v a 7/1/11 7/1/11 F LC #839BGC1000252 Expires 11/30/10 (Replaces LC #1506) Preserve at Bluff Creek 1st Addition Planning Case 2006 -14 $37,775 Letter of Credit automatically renews for successive one -year terms. LC #1506 Expires 1/18/08 Preserve at Bluff Creek 1st Addition Planning Case 2006 -14 $122,601 (landscaping) Letter of Credit automatically renews for successive one -year terms Notify Jill Sinclair 11/27/07 - Received notice from bank cancelling LC as of 1/18/08. Per Jill, LC must be renewed. Sent letter to bank requesting renewal of LC to 1/18/09. Check status on 12/10/07. KM 12/6/07 - Received letter from Guaranty Bank authorizing extension of LC to 1/18/09. Check status 11/15/08. Kim 10/28/08 - Per Jill, subdivision is still under construction. LC needs to be retained through the 2009 growing season. Check status 8- 15 -09. Kim 8/17/09 - Notified Jill. 8/20/09 - Per Jill, site is still under construction. Check status 6/15/10. Kim 10/2/09 - Per Jill, mailed letter to bank authorizing reduction to $37,775. Waiting for confirmation from bank. Kim 11/30/09 - Received letter from FDIC indicating Guaranty Bank is in receivership and letter of credit is being repudiated. Per Roger Knutson, the city can request a claim form and file a claim but he is doubtful the city will receive anything. Kim 3/16/10 - Received Replacement Letter of Credit 839BGC1000252 in the amount of $37,775 dated March 15, 2010. Kim 7/6/10 -Per Jill, hold LC until entire project is completed. Check status annually on July 1st. Kim 9/28/10 - Received letter from Ryland Homes requesting reduction in letter of credit to $24,350. Jill Sinclair authorized reduction. Reduction letter sent of Deutsche Bank on 9/29/10. Waiting for confirmation of reduction. Check status 7/1/11. Kim 10/11/10 - Received Amendment to Letter of Credit 839BGC1000252 dated 10/6/10 decreasing amount by $13,425 to leave a new balance of $24,350. Kim ............................................................................................................................................................................................................................................................. ............................... 0 2010 Lotus Development Corp. 10111/10 at 4:02 PM S= Status P= Priority - - -- - - - -- Page 1 Transmittal Mail Courier Other To: Jill Sinclair City of Chanhassen 7700 Market Boulevard PO Box 147 Chanhassen, MN 55317 From: Mark Sonstegard Date: October 8, 2010 Twin Cities Division X FedEx 7599 Anagram Drive Eden Prairie, MN 55344 952.229.6000 Tel 952.229.6024 Fax Subject: Preserve at Bluff Creek 1 St Addition, Planning Case No. 2006 -14 Jill, With this transmittal, please find an Amendment to Irrevocable Letter of Credit reducing the Letter of Credit No. 839BGC1000252. Thanks Mark Deutsche Bank AMENDMENT TO IRREVOCABLE LETTER OF CREDIT TO: City of Chanhassen 7700 Market Boulevard, Box 147 Chanhassen, Minnesota 55317 Dear Sir or Madam: Deutsche BankAG NewYork Branch Trade Services 60 Wall Street/ NYC60 -2417 NewYork, NY 10005 -2858 No. 839BGC 1000252 Date: October 6, 2010 By order of our principal, The Ryland Group, Inc. we, Deutsche Bank AG, New York Branch hereby amend the above referenced Credit as follows: • Amount of Credit is decreased by US$13,425.00 to a new balance not exceeding US$24,350.00. All other terms and conditions remain unchanged. This amendment is effected on the strength of your letter dated September 29, 2010. This amendment is to be attached to the original credit instrument, of which it is to become an integral part thereof. If you require clarification or discussion of any of the aspects of this amendment, please do not hesitate to contact Ann Thompson at 212 - 250 -9639 or Rey de los Reyes at 212- 250 -9616. Yours truly, Deutsche Bank AG New York Blompson eyna e os Reye so ' e Asst. Vice President t o CITY OF CgANHASSEN 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 September 29, 2010 Reynaldo M. de los Reyes Deutsche Bank AG New York Trade and Risk Services 60 Wall Street / NYC60 -2517 New York, NY 10005 -2858 Re: Letter of Credit No. 839BGC1000252 Reduction Preserve at Bluff Creek 1 st Addition Planning Case No. 2006 -14 Dear Mr. de los Reyes: Please accept this letter as authorization to reduce Letter of Credit No. 839BGC1000252 in the amount of $37,775 by $13,425 to leave a remaining balance of $24,350. Please send written acknowledgement of this reduction at your earliest convenience. If you have any questions or concerns, please contact me by email at jsinclair @ci.chanhassen.mn.us or at 952- 227 - 1133. Sincerely, CITY OF CHANHASSEN WJ s Jill Sinclair Environmental Resources Coordinator JS:ktm c: Mark Sonstegard, Ryland Homes gAplan\2006 planning cases\06 -14 the preserve\lc reduction letter 9- 29- 2010.doc Chanhassen is a Community for Life- Providing for Today and Planning for Tomorrow RYLAND HOMES® September 24, 2010 Jill Sinclair City of Chanhassen 7700 Market Boulevard PO Box 147 Chanhassen, MN 55317 RECEIVE SEP 2 8 2010 C17-y OF CHANHASSEN TWIN CITIES DIVISION 7599 Anagram Drive Eden Prairie, MN 55344 952 - 229 -6000 Office 952 - 229 -6024 Fax www.ryland.com Re: The Preserve at Bluff Creek Landscape LOC # 839BGC 1000252 Reduction Request Dear Jill: As I stated in my last letter requesting a LOC reduction, Ryland Homes did not exercise its options to develop additional lots with Gayle Degler, the landowner and this past summer Ryland completed all the landscape within the property Ryland had purchased within The Preserve at Bluff Creek. Therefore, Ryland request our landscape surety be reduced down to the landscaping we install during this past summer plus 25 %. Remaining Landscaping within it's one year warranty planted in 2010: (11) Foundation Landscape Packages @ $740 $ 8,140 (27) Blvd Trees @ $420 $11,340 Sub Total $19,480 Total Adding 25% $24,350 Currently the City of Chanhassen is holding a $37,775 Landscape LOC provided by Ryland homes for The Preserve at Bluff Creek development. Ryland request the LOC be reduced to $24,350. If you have any questions with this request, please call me at (952) 229 -6007. Thank you for you time with this matter. Sincerely, Mark Sonstegard Land Development Manager Ryland Homes, Twin Cities IN Deutsche Bank IZI Deutsche Bank AG New York Trade and Risk Services 60 Wall Street/ NYC60 -2517 clrY OF New York, NY 10005 -2858 �3itic - IRREVOCABLE LETTER OF CREDIT MAR 1 6 2010 No. 839BGC1000252 ENGINEERING DEPT Date: March 15, 2010 TO: City of Chanhassen 7700 Market Boulevard, Box 147 Chanhassen, Minnesota 55317 Dear Sir or Madam: We hereby issue, for the account of The Ryland Group, Inc. and in your favor, our Irrevocable Letter of Credit No. 839BGC1000252 in the amount of $37,775.00 (Thirty Seven Thousand Seven Hundred Seventy Five & 00 /100 U.S.Dollars), 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. 839BGC1000252 dated March 15, 2010, of Deutsche Bank AG, New York Branch "; b) Be signed by the Mayor or City Manager of the City of Chanhassen. c) Be presented for payment at Deutsche Bank AG, New York Branch, 60 Wall Street, 25 Floor/NYC60 -2517, New York, NY 10005 -2858 Attn: Trade Services, on or before 4:00 p.m. on November 30, 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 November 30 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 overnight courier or 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. More than one draw may be made under this Letter of Credit. Deutsche Bank IZI Page Two of Two Pages Irrevocable Letter of Credit No. 839BGC1000252 This Letter of Credit shall be governed by the 2007 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. Very truly yours, Deutsche Bank AG, T c , — , / Afirn Thompson Asst. Vice President Transmittal Mail FedEx Courier X Other To: Gordy Stauff City of Chanhassen From: Mark Sonstegard Date: March 16, 2010 Subject: The Preserve at Bluff Creek LOC Replacements Twin Cities Division 7599 Anagram Drive Eden Prairie, MN 55344 952.229.6000 Tel 952.229.6024 Fax Gordy, With this transmittal, please find two replacement LOC's for The Preserve at Bluff Creek. • Deutsche Bank LOC 83BGC1000251 will replace Guaranty Bank's LOC 1429 which covered the 1 Addition irr provements. Per your February 9, 2009 letter, the value of this LOC is set at $48,000. • Deutsche Bank LOC 839BGC1010252 replaces Guaranty Bank's LOC 1506 which covers The Preserves lan Per Jill Sinclair's October 2, 2009 letter, the value of this LOC is set at $37,775. Please call me at (952) 229 -6007 if you Mark CITY OF REC�EEVEn SSE ! MAR 1 6 2010 ENGI NEERING DEPT. (have any questions with these LOC's.