Letter of Credit 1215CITY OF
CAANgASSEN
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
wwadchanhassen.mn.us
January 3, 2011
Mr. Kevin Kuboushek
President
Eagle Valley Bank, NA
14800 Galaxie Avenue, Suite 100
Apple Valley, MN 55124
Re: Twin Cities Self Storage, Chaska, LLC
Release of Letter of Credit No. 1215
Planning Case 2008 -10
Dear Mr. Kuboushek:
Enclosed please find Letter of Credit No. 1215 in the amount of $16,000.00. This
letter of credit was required to guarantee compliance with the terms of the Amended
and Restated Conditional Use Permit 87 -02 and Interim Use Permit 92 -01 for the
above - referenced project, specifically for pond construction, erosion control
maintenance, and landscaping requirements. As these requirements have been met,
we are returning the letter of credit and closing our files on this project.
If you have any questions or concerns, please contact me by email at
akairies @ci.chanhassen.mn.us or at 952- 227 -1132.
Sincerely,
CITY OF CHANHASSEN
Angie Kairies
Planner I
AK:ktm
Enclosure
c: Bruce Lamo, Bruce Lamo Construction
g:\plan\2008 planning cases \08 -10 nick's storage & parking \lc release letter 01 -04 -201 l.doc
Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow
�W
E AGLFVALLFY-
Apple Valley
14800 GALAXIE AVE., SUITE 100
APPLE VALLEY, MN 55124
BANK
Since 1919
IRREVOCABLE LETTER OF CREDIT
TO: City of Chanhassen
7700 Market Boulevard, Box 147
Chanhassen, Minnesota 55317
Dear Sir or Madam:
PHONE 952 - 431 -3232
FAX 952 - 431 -3244
No. 1215
Date: 09/24/2010
We hereby issue, for the account of TWIN CITIES SELF STORAGE CHASKA LLC and in your
favor, our Irrevocable Letter of Credit in the amount of 16,000.00 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. 1215 dated 09/24/2010 of Ea le Valle
Bank, NA
b) Be signed by the Mayor or City Manager of the City of Chanhassen;
c) Be presented for payment at 14800- Galaxie Ave, Ste 1.00, Apple Valley, MN on or before 3:00
p.m. on November 17.2010
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 17 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. 500.
We hereby agree that a draft drawn under and in compliance with this Letter of Credit shall be duly
honored upon presentation.
EAGLE VALLEY BANK NA
by:
KEVIN F. KUBOUSHEK
Its President
Our business is community building.
E -MAIL evb @eaglevalleybank.com One family. One how. One business all a tittle. WEB SITE www.eaglevalleybank.com
tli3l" 011,
M T W T F s M T W T F IM M T W T F 5
i 1 2 3 4� 1
"345 7
..................
9'10 it 12 13 14 t5 14 15 16 17 18 t9 1U'11 12 13 14 15 16
!8 17 18 19 20 21� 21 22 23 24
2 25 2 1? 18 19 20 21 22 23
23,24 25 27 6 29 30 31 r 24 25 26 27 28 29 3-,
3t} 31
ig Securities
g loom.
10/25/10 10/25/10 0 LC #1215 expires 1 1/17/10 - Replaces LC #1209
(automatically renews for successive one -year terms)
Nick's Storage & Parking
Planning Case 08 -10
Amended & Restated CUP 87 -2 and IUP 92 -1
$16,000 ($12,250 for pond construction and erosion control maintenance; $3,750 for landscaping)
Notify Angie Kairies
9/29/10 - Bank exchanged LC #1215 for LC #1209 in the amount of $16,000 at City Hall front desk.
Kim
9/30/10 - Per Angie, remind her to check on pond installation on 10/25/10. Pond installation deadline
is 10/29/10. Kim
11/18/10- Notified Angie. Kim
11/18/10 - Angie spoke to Bruce Lamo this morning and John McCain, McCain Engineering, should
be submitting the asbuilt for the pond this week or the beginning of next week. Once we receive and
approve the asbuilt/pond we can release the letter of credit.
12/9/10 -Notified Angie regarding status of receipt of pond as- builts. Kim
12/28/10 -Per Angie okay to release letter of credit. Activity closed. Kim
........ .. ....... .. . .. ... . .... ... . . . ... ...... ...... ... ........ . .................... .............. .. . . .. .. . . ... ......... .. . . . . . .. .. . . . . . ......... .. . . . .. ....... ......... ... .. ....... . ....... .......... ... . . .... ......... ... .. ............ .................... ... .. . . . .. .. . . . .... . ..... . ... ............ . .. .
......... . ..... . . ...... . .. ... ..... ... .. .. .. .................... ...... ..... ..... . .. ... ... .. . .. .. ............... ............. . . . . . . .... . . . ... ............. .. ....... ........... ............................... . ....... ....... ......... . . . ... . ........................ ....... ....................
0 2011 Lotus Development Corp. 1/3/11 at 11:39 AM S= Status P= Priority Page 1
CS I�
Meuwissen, Kim
From: Kairies, Angie
Sent: Tuesday, December 28, 2010 8:43 AM
To: Meuwissen, Kim
Subject: Nick's Storage pond escrow
Kim,
We can release the security for the pond.
Angie
Angie Kairies
Planner I
City of Chanhassen
7700 Market Blvd
Chanhassen, MN 55317
Direct dial: 952 - 227 -1132
Fax: 952 - 227 -1110
email: akairies @ci.chanhassen.mn.t
Website: www.ci.chanhassen.mn.us
�rAGLE VALLEF
Apple Valley BANK
14800 GALAXIE AVE., SUITE 100 Since 1919 PHONE 952- 431 -3232
APPLE VALLEY, MN 55124 IRREVOCABLE LETTER OF CREDIT FAX 952-431-3244
No. 1215
Date: 09/24/2010
TO: City of Chanhassen
7700 Market Boulevard, Box 147
Chanhassen, Minnesota 55317
Dear Sir or Madam:
We hereby issue, for the account of TWIN CITIES SELF STORAGE, CHASKA, LLC and in your
favor, our Irrevocable Letter of Credit in the amount of 16,000.00 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. 1215, dated 09/24/2010, of Eagle Valley
Bank, NA ";
b) Be signed by the Mayor or City Manager of the City of Chanhassen;
c) Be presented for payment at 14800 Galaxie Ave, Ste 100, Apple Valley, MN on or before 3:00
p.m. on November 17, 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 17 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 (3 0) 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. 500.
We hereby agree that a draft drawn under and in compliance with this Letter of Credit shall be duly
honored upon presentation.
EAGLE VALLEY BANK, NA
by.
KEVIN F. KUBOUSHEK
Its President
Our business is community building.
E -MAIL evb @eaglevalleybank.com One family. One home. One business at a tithe. WEB SITE www.eaglevalleybank.com
-L� .20�_ . :AU cs>zoa<r :, A .s .temf7e�zaoo
M T W T F . 9 =' M T W T F rS M T W T F Sn
1 2 3 4 1 2
..........
2 3 4 5 6 7 6 7 8 9 10 11 8 4 ...5... 6 7 8 9
g ..
i - ; . 1 . 0 .. 1 . 1 ... 1 . 2 .. 13 14 � 13' 14 15 16 17 18 �9 +itT` 11 12 13 14 15 '18
16r 17 18 19 20 21 2(3 21 22 23 24 25; 18 19 20 21 22 X23
23,24 25 26 27 28 29 27 28 29 30 31 24 25 26 27 28 29 3Q
3b -31 ......... ........ ..... ...
Securities
. ,.,.�� ..�xs. .�.�.. - .,c.,• ... < P _�18gQ.. a,7" stlo a'y °� SP s a''"3 "' °- ¢ x. -
IWA
11/1/10 11/17/10 F LC #1209 expires 11/17/10 - Replaces LC #716
(automatically renews for successive one -year terms)
Nick's Storage & Parking
Planning Case 08 -10
Amended & Restated CUP 87 -2 and IUP 92 -1
$16,000 ($12,250 for pond construction and erosion control maintenance; $3,750 for landscaping)
Notify Angie Kairies
.. . .. . .. .. .. ........ . . . .. ........ . . .............. ........ . ... ... . . I ...... ............. ....... ... .. . .... ... .. . . . ......... .... . .. . ... . . ..... . .... ............ . ......................... . . . . . ....... . . .. .. ................. ...... . ..... .
.................................... ... .. .. ... ... .. . . . .. . .. . .... . . . .. .. ..................... . .. ...... . . . . ......... ...... ... . . . . . ... . .............. . ............... . . .. ..... .. . . . .. ...... .. . . .. .. . .. .... ..... ....... . .. . ... . . . . . . ... . ............. ... . .. ... . . . . .. .. . . . . ........... ... . . .. ................ .
.................................................... ... .... .... .. ...... . .............. . ... . .. . ....... . .. . . ................. . . . .. .... .................... ......... . ... ....... . ... .. ........ .. . . . .. .. . ........... . . .. . . ......... . .. . .. ............... . .. . . .. . . .. ...... .. ....... . ... . .. . .. . . ......... ..... . .
0 2009 Lotus Development Corp. 11/18109 at 10:08 AM S= Status P= Priority Page 1
IRREVOCABLE LETTER OF CREDIT
TO: City of Chanhassen
7700 Market Boulevard, Box 147
Chanhassen, Minnesota 55317
Dear Sir or Madam:
No. 1209
Date: 11/17/2009
We hereby issue, for the account of PROGRESS VALLEY STORAGE OF MINNESOTA,
LLC and in your favor, our Irrevocable Letter of Credit in the amount of 16,000.00 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. 1209, dated 11/17/2009, of Eagle
Valley Bank, NA ";
b) Be signed by the Mayor or City Manager of the City of Chanhassen;
c) Be presented for payment at 14800 Galaxie Ave, Ste 100, Apple Valley, MN , on or before
3.00 p.m. on November 17, 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 17 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. 500.
I
We hereby agree that a draft drawn under and in compliance with this Letter of Credit shall be
duly honored upon presentation.
EAGU VALLEY BANK NA
by:
STEVEN J PETERSON
Its VP Commercial Lending
t
CARVED. COUNTY
RECORDER /REGIS OF TITT.F.0
DOCUMENT 0 Document No. OFFICE OF THE
COUNTY RECORDER
A 4 Z 6 5
CARVER COUNTY, MINNESOTA
Fee: $ 46.00 Check#: 19680
Certified Recorded on 11 -12 -2008 at 01:00 ❑ A PM
491605
Cart . nso , Jr.
CountyPerer
DOCUMENT
TITLE:
DOCUMENT
DATE:
loll
NAMES:
CITY OF CHANHASSEN
CARVER AND ]HENNEPIN COUNTIES, MINNESOTA
AMENDED AND RESTATED
CONDITIONAL USE PERMIT #87 -2
INTERIM USE PERMIT #92 -1
1. Permit. Subject to the terms and conditions set forth herein and with the Conditional
Use Permit 87 -2/ Interim Use Pen-nit 92 -1 recorded with Carver County on April 23, 1992,
Document No. 134346, the City of Chanhassen hereby grants:
a) A Conditional Use Permit for a mini- storage facility.
b) Interim Use Permit for screened outdoor storage.
2. Property. The permit is for property situated in the City of Chanhassen, Carver County,
Minnesota, and legally described as shown on the attached Exhibit A.
3. Conditions. The permit is issued subject to the following conditions:
a. The 60 parking stalls for various vehicle storage shall be confined to the area labeled Phase
III in the attached Exhibit B and the area shall have a gravel or grass surface.
b. The applicant shall provide 15 Black Hills Spruce along the fence line to provide 100 percent
screening of the outdoor storage area.
1. The applicant shall submit a letter of credit to cover the cost of material installation and a
one -year warranty.
c. Drainage and utility easement is shown but must be revised to include:
1. Add ten feet of width for a total of 20 feet of easement between the drive entrance and the
pond easement.
2. Provide drainage and utility easement description and drawing
3. Drainage and utility easement must cover entire 944 contour on the east side of the pond.
d. Update sheet 2 of 2 skimmer detail to show a berm elevation of 744.
e. Plans and report must be signed by a registered engineer registered in the state of Minnesota.
f. Security of $12,000 must be provided to the City for the construction of the pond and
maintenance of erosion control.
g. The pond must be completed no later than November 15, 2008.
h. A detailed erosion control plan will be needed. At a minimum, this plan shall include:
1. Erosion control blanket (category 3) on all slopes 3:1 or steeper. This includes the ponds.
2. Perimeter silt fence needs to be shown.
3. A re- vegetation plan for all disturbed areas. Deep- rooted woody vegetation is encouraged
north of the outdoor storage area.
4. An inspection of erosion control must be conducted prior to construction commencement.
i. Any additional development to Parcel A or Parcel B shall require additional stormwater
ponding. (This would include Phase III of Parcel A).
j. The 60 outdoor storage units shall not increase the hard surface coverage on the site.
k. The outdoor storage shall be removed from the site upon completion of Phase III of the mini -
storage facility.
1. Sign 2, the ground to 1 profile along Old Highway 212, must be removed.
I
m. Sign 4, the directional sign at the corner of Old Highway 212 and Stoughton Avenue, must be
removed.
n. Sign 1, the entrance sign along Stoughton Avenue:
1. Shall meet the definition of a ground low profile sign in that it must be in contact with the
ground;
2. May not exceed 64 square feet of sign display area;
3. May not be great r than 8 feet in height;
4. A sign permit m�st be approved prior to alterations and Signs 2 and 4 must be removed
prior to sign pernpit approval.
o. Sign 3, the pylon sigh along Old Highway 212 - A sign permit must be approved prior to
alterations and Signsl 2 and 4 must be removed prior to sign permit approval.
4. Termination f Permit. The City may revoke Ithe permit following a public hearing for
violation of the terms of This permit. P
5. Lapse. If within one year of the issuance of this permit the authorized construction has
not been substantially completed or the use commenced, this permit shall lapse, unless an extension
is granted in accordance with the Chanhassen Zoning Ordinance.
1
2
6. Criminal Penalty. Violation of the terms of this conditional use permit is a criminal
misdemeanor.
Dated: October 13, 2008
CITY OF CHANHASSEN
BY:
;r6 rlong, May r
(SEAL)
AND: 'J`� `
Gerhardt, City Manager
STATE OF MINNESOTA
( ss
COUNTY OF CARVER )
The foregoing instrument was acknowledged before me this o&A�? '200 ,
by Thomas A. Furlong, Mayor, and by Todd Gerhardt, City Manager, of the City of Chanhassen, a
Minnesota municipal corporation, on behalf of the corporation and pursuant to the authority granted
by its City Council.
DRAFTED BY:
City of Chanhassen
P. O. Box 147
7700 Market Boulevard
Chanhassen, MN 55317
(952) 227 -1100
3
n
KAREN J. ENGELHARDT
Notary Public- Mirnneso o
My Commission Ex ires Jan 3 o v
EXHIBIT A
All that part of the SE 1/4 of the:SW 1/4 of Section 34, Township 116, Range 23,
Carver County, Miiirii"iay described as follows:
Commencing at the BE corner of said SW 1/4 Section 34- 116 -23 running thence North
along 1/4 line to the South' line of right of way of Milwaukee and St.
Louie Railway Co.,; thence Southwesterly along South line of said right of way
to South line of said Section 34; thence East along said Section line to
place of beginning. Being all that part of BE 1/4 of SW I/4 said Section lying
'South of right of way of said Milwaukee and St. Louis Railway Co., and con-
taining 2 1/2 acres.
► --1,
The SW 1/4 of the BE 1/4 of Section 34, Township 116, Range 23, lying southerly
of the Southeasterly right of way line of the Chicago and Northwestern Railway
Company, Carver o✓3unty, Minnesota, EXCEPTING therefrom the following described
parcels:
Parcel 1: A strip of land over &ad across the SW 1/4 of BE 1/4 Section
•34- 116-23 being 53 feet in vidtb on each side of center line of Trunk Highway
No. 51, and said center line being. described as follows: From a point on East
line of said Section distant 874.8 feet Northerly from the Southeast corner of
said Section; thence running in a Southwesterly direction at an angle of 82
with said Section line for a distance of 1000.5 feet to a point; thence deflect
to the right 9'00' on curve with delta angle of 57 and radius of 716.8 feet
for a distance of 441.4 footsore or less to the East line of said SW 1 /4.of BE
1/4; ;thence continuing on said curve for a distance of 272.6 feet to a point;
thence on a tangent to said curve fort, a distance of 272.6 feet to a. point;
thence on a tangent to said curve for a distance of. 819.6 feet to a point;
thence deflect to the left on a 15.00 curve with delta angle of 95'26' and
radius of 383.1 feet for a distance of 393 feet most or less to the North and
South 1/4 line of said Section and there terminating excepting therefrom that
part of the right of way of Minneapolis 'and St. Louis Railway Company which lies
within said strip.
Parcel 2: Beginning at point 2040 chains West from BE corner of said
Section 34 running thence North 4.06 chains to center of Chaska and Shakopee
Road; thence South 64'30' Wei 8.93 chains; thence East 8.16 chains io place
of beginning. Containing 1.65 acres. j
Parcel 3: Commencing at BE corner'of SW 1/4 of SE 1/4; thence North 4.06
chains to center of Chaska and Shakopee Road, the point of beginning of tract to
be conveyed herewith; thence, South 64 West 170 feet to point of center of
said road; thence North and parallel to'East line of said SW 1/4 of BE 1/4 to
South line of Trunk Highway No. 51; thence Southeasterly along South line Truck*
Highway No. 51 to point where same intersects East line of said SW 1/4 of BE
1/4; thence South along said East line, to place of beginning. Containing 1/2
acre, more or less. 1 11
Parcel 4: Commencing let the point of intersection of the East line df
the Al 1/4 of the BE 1/4 of Section 34- 116 -23, and. the Northerly right of way
line of U.S. Trunk Highway #212, as the same presently exists and runs through
said ISW 1/4 of SE 1/4 of Section 34, which said Point of intersection is the
place of beginning of the land to, be herein described; thence running
Northwesterly along said Northerly right of way line a distance of 292 feet to a
point thereon; thence turning and running East parallel to the South Section
line of Said Section 34, a distance of 1 329, feet, more or less to the said East
line lof the SW 1/4 of the BE 1/4 of Section 34; thence turning and running South
along said East line J distance of 312 feet more or less to the place of
beginning, lying and befas in the SW 1/4 of BE 1/4 of Section 34- 116 -23 and coa
tain ng 1.10 acres of land, more or less:
�i
I �
I
,s
/ � ' , � .. � � X1"'1
r
� hql
v
r
M T W T F; S; S s M T W T F :5, M T W T F. S
1 2 3 4
1s2
3 4 5 6 7 8 6 7 8 9 10 11 4 5 6 7 8 9
10 11 12 13 14 k 7S z 14 15 16 17 18 f{l 11 12 13 14 15 "
..... ....
16 "17 18 19 20 21 21 22 24 25 2 7 18 19 20 21 22123
2324 25 26 27 28 ?�7 28 29 ....... 30 31 y
80 §t K 25 26 ,27 28 29.
Securities
�5tart fill l � i0660 d85C(I 14(1 a � a h ME 10F s p y y
11/9/09 11/17/09 ® LC #716 expires 11/17/09
Nick's Storage & Parking
Planning Case 08 -10
Amended & Restated CUP 87 -2 & IUP 92 -1
$15,750
($12,000 for pond construction and erosion control maintenance, $3,750 for landscaping)
Notify Angie Auseth
10/2/09 - Notified Angie of impending expiration. Check status 10/15/09. Kim
10/27/09 - Angie requested new LC from Jake Gibbs via email. Check status 11/1/09. Kim
10/29/09 - LC renewal request letter sent to bank with copy to Jake Gibbs. Check status 11/9/09. Kim
11/18/09 - Received replacement Letter of Credit No. 1209 from Eagle Valley Bank in the amount of
$16,000. Returned LC #716 to St. Stephen State Bank in St. Cloud. Activity closed. Kim
.................................. ............................... .................................................................................................................................................................................................... ...............................
® 2009 Lotus Development Corp. 11/18109 at 11:49 AM S= Status P= Priority Page 1
1
0
CITY OF
CHMISSEN
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
wwadchanhassen.mn.us
November 18, 2009
St. Stephen State Bank — St. Cloud
39503 rd Street North
St. Cloud, MN 56303
Re: Letter of Credit No. 716
Nick's Storage & Parking
Amended & Restated Conditional Use Permit 87 -2 and
Interim Use Permit 92 -1
Planning Case No. 08 -10
To Whom It May Concern:
Enclosed 'please find original Letter of Credit No. 716 in the amount of
$15,750.00 which expired on November 17, 2009. A replacement letter of credit
was issued from different bank to comply with the terms of Amended & Restated
Conditional Use Permit 87 -2 and Interim Use Permit 92 -1 for Nick's Storage &
Parking in Chanhassen:
If you have any questions, feel free to contact me at 952- 227 -1132 or by email at
akairies @ci.chanhassen.mn.us
Sincerely
CITY O CHANHASSEN
Angie Kaines
Planner I
AK:ktm
Enclosur
gAplan\2008 planning cases \08 -10 nick's storage & parking \lc,return letter 11- 18- 09.doc
Chanhassen is a Community for life - Providing for Today and Planning for Tomorrow
IRREVOCABLE LETTER OF CREDIT
Borrower: W Jacques Gibbs ( Lender: St. Stephen State Bank
100 Washington Square, Suite 1200 St. Cloud
Minneapolis, MN 55401 3950 3rd Street North
St. Cloud, MN 56303
(320) 259 -9560
Beneficiary: City of Chanhassen
7700 Market Boulevard
Chanhassen, MN 56317
NO.: 716
EXPIRATION DATE. This letter of credit shall expire upon the close of business on 11 -17 -2009 and all drafts and accompanying statements or
documents must be presented to Lender on or before that time (the "Expiration Date ").
AMOUNT OF CREDIT. Lender hereby establishes at the request and for the account of Borrower, an Irrevocable Letter of Credit in favor of
Beneficiary for a sum of Fifteen Thousand Seven Hundred Fifty & 00/100 Dollars ($15,750.00) (the "Letter of Credit "). These funds shall be
made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address indicated above (or
other such address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the signed written
statements or documents indicated below.
WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS
REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT BORROWER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT
CAN BE AMENDED. OTHERWISE, YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY
WITH ITS TERMS AS WRITTEN.
DRAFT TERMS AND CONDITIONS. Lender shall honor drafts submitted by Beneficiary under the following terms and conditions:
Upon Lender's honor of such drafts, Lender shall be fully discharged of Lender's obligations under this Letter of Credit and shall not be obligated
to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been drawn.
Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other
document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, issued, or
presented by a party or under the name) of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as
Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes no
representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person, for any amount
paid or disbursed for any reason whatsoever, including, without limitation, any nonapplication or misapplication by Beneficiary of the proceeds of
such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the
other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds received by Beneficiary in excess of
the Letter of Credit's maximum drawing amount.
USE RESTRICTIONS. All drafts must be marked "DRAWN UNDER St. Stephen State Bank IRREVOCABLE LETTER OF CREDIT NO. 716 DATED
11 -17- 2008," and the amount of each daft shall be marked on the draft. Only Beneficiary may complete a draft and accompanying statements
or documents required by this Letter of C edit and make a draw under this Letter of Credit. This original Letter of Credit must accompany any
draft drawn hereunder. i
Partial draws are permitted under this Letter of Credit. Lender's honor of a partial draw shall correspondingly reduce the amount of credit
available under this Letter of Credit. Following a partial draw, Lender shall return this original Letter of Credit to Beneficiary with the partial
draw noted hereon; in the alternative, and in its sole discretion, Lender may issue a substitute Letter of Credit to Beneficiary in the amount
shown above, less any partial draw(sj.
PERMITTED TRANSFEREES. The right to i draw under this Letter of Credit shall be nontransferable, except for:
A. A transfer (in its entirety, but not in part) by direct operation of law to the administrator, executor, bankruptcy trustee, receiver,
liquidator, successor, or other repres ntative at law of the original Beneficiary; and
B. The first immediate transfer (in is entirety, but not in part) by such legal representative to a third party after express approval of a
governmental body (judicial, administ ative, or executive).
TRANSFEREES REQUIRED DOCUMENTS When the presenter is a permitted transferee (i) by operation of law or (ii) a third party receiving
transfer from a legal representative, as described above, the documents required, for a draw shall include a certified copy of the one or more
documents which show the presenter's a thority to claim through or to act with authority for the original Beneficiary.
COMPLIANCE BURDEN. Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of
this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i) that unless and until the present wording of this Letter
of Credit is amended with Lender's prior ritten consent, the burden of complying strictly with such wording remains solely upon Beneficiary,
and (ii) that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording.
NON- SEVERABILITY. If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body
having jurisdiction, Lender's entire enga]ement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and
Beneficiary shall be restored to the position each would have occupied with all rights available as though this Letter of Credit had never
occurred. This non - severability provisior{ shall override all other provisions in this Letter of Credit, no matter where such provision appears
within this Letter of Credit.
GOVERNING LAW. This Agreement will e governed by federal law applicable to Lender and, to the extent not preempted by federal law, the
laws of the State of Minnesota without regard to its conflicts of law provisions, and except to the extent such laws are inconsistent with the
2006 Revision of the Uniform Customs and Practice for Documentary Credits of !the International Chamber of Commerce, ICC Publication No.
600. This Agreement has been accepted by Lender in the State of Minnesota.
EXPIRATION. Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be
duly honored if presented to Lender on or 'before the Expiration Date unless otherwise provided for above.
Dated: November 17, 2008
IRREVOCABLE LETTER OF CREDIT
Loan No: 03- 546700 -57 (Continued) Page 2
LENDER:
ST. STEPHE 'TEBANK
By:
Auth zed n
F7 A
ENDORSEMENT OF DRAFTS DRAWN:
Amount Amount
Date Negotiated By In Words In Figures
LASER PRO Landing, Ve, 5.42.00.OD4 Cop,. Nnlmd Financial Solationt, Inc. 1997, 2009. All flights Re—od. - MN N:\CFI %LPL %C4AOC.FC TR -2299 PR -4
0
CITE OF
CgANBASSEN
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
wwadchanhassennn.us
October 29, 2009
St. Stephen State Bank St. Cloud
3950 3 rd Street North
St. Cloud, MN 56303
Re:. Request for Renewal of Letter of Credit No. 716
Nick's Storage & Parking — Planning Case 08 -10
To Whom It May Concern:
Upon review of our records, it appears Letter of Credit No. 716 in the amount of
$15,750 is scheduled to expire on November 17, 2009 (copy enclosed). As the
referenced project has not been completed, we are requesting that the letter of
credit be renewed with a new expiration date of November 17, 2010, using the
attached letter of credit format.
Please renew this letter of credit in the requested format and return to my attention
no later than November 9, 2009. If you have any questions, please do not hesitate
to contact me at 952 - 227 -1132 or by email at akairies @ci.chanhassen.mn.us.
Sincerely,
CITY OF CHANHASSEN
gAplan\2008 bmni.gnses\68- 10 nick's storage & parkingVc renewal letter10- 29- 09.doc
Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow
IRREVOCABLE LETTER OF CREDIT
TO: City of Chanhassen
7700 Market Boulevard, Box 147
Chanhassen, Minnesota 55317
Dear Sir or Madam:
No. _
Date:
We hereby issue, for the account of (Name of Developer) and in your favor, our
Irrevocable Letter of Credit in the amount of $ 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. , dated
2Q—, of (Name of Bank) "
b) Be signed by the Mayor or City Manager of the City of Chanhassen.
c) Be presented for payment at (Address of Bank) , on or before 4:00 p.m. on ,
20
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 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.
BY: —
Its