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Letter of Credit DocumentationCITY OF CgANgASSEN 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 7901 Park Place 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 December 21, 2011 Mr. Kevin Hanson BNC National Bank 240 Investors Building 733 Marquette Avenue South Minneapolis, MN 55402 Re: Walgreens (Seven Forty-One Crossing) Site Plan Agreement Letter of Credit No. 9465006 Planning Case 2008 -05 Dear Mr. Hanson: 0 The above - referenced project has been completed in general conformance with the referenced site plan agreement. Enclosed please find your original letter of credit and any amendments. We are now closing our files on this project. Sincerely, CITY OF CHANHASSEN 4 Sharmeen Al -Jaff Senior Planner SAJ:ktm Enclosures: Letter of Credit No. 9465006 First Amendment to Irrevocable Letter of Credit c: Joe Shamla, Project Engineer g:\plan\2008 planning cases \08 -05 walgreens \lc release letter.doc SCANNED Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow BNC National Bank A Subsidiary of BNCCORP, Inc The 4Atf Financial Success 333 South Seventh Street Suite 200 Minneapolis, MN 55402 www.bncbank.com Telephone: (612) 305 -2200 FAX: (612) 305 -0434 H REVOCABLE LETTER OF CREDIT No. 9465006 Date: October 8, 2008 TO: City of Chanhassen 7700 Market Boulevard, Box 147 Chanhassen, Minnesota 55317 Dear Sir or Madam: We hereby issue, for the account of SEV41, LLC and in your favor, our Irrevocable Letter of Credit in the amount of $1 82,963.00, 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. 9465006, dated October 8, 2008, of BNC National Bank "; b) Be signed by the Mayor or City Manager of the City of Chanhassen; c) Be presented for payment at 333 South 7th Street, Suite 440, Minneapolis, Minnesota, 55402, on or before 4:00 p.m. on October 8, 2009; d) Be accompanied by the Mayor's or City Manager's written certification to BNC National Bank certifying that "That the Developer has failed; to comply with the Site Plan Agreement dated May 12, 2008 between the City and the Developer and that the City is entitled in accordance with the terms of the Site Plan Agreement to draw on the Letter of Credit ". The amount available to be drawn under this Letter of Credit may be reduced, from time to time, upon receipt by BNC National Bank of a certificate from the City of Chanhassen which specifically sets forth the particular amount by which the Letter of Credit is to be reduced. The amount available under this Letter of Credit shall be reduced by an amount equal to the amount stated in the certificate from the City of Chanhassen. 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 October 8 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 at least thirty (30) days prior to the renewal date. Member FDIC ` DER "6 SCANNED This Letter of Credit sets forth in full our understanding which shall not in any way be modified, amended amplified, or limited by reference tb any document, instrument, or agreement, whether or not referred to herein. i 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 Lette Cr it shall be duly honored upon presentation. BY: Its SCANNED 333 South Seventh Street Suite 200 Minneapolis, MN 55402 www.bncbank.com Telephone: (612) 305 -2200 FAX: (612) 305 -0434 FIRST AMENDMENT TO IRREVOCABLE LETTER OF CREDIT Letter of Credit No. 9465006 Amendment No. 1 Date: November 17, 2009 Applicant: SEV41, LLC TO: The City of Chanhassen 770 Market Boulevard, Box 147 Chanhassen, Minnesota 55317 Dear Sir or Madam: By this First Amendment to Irrevocable Letter of Credit ( "First Amendment ") we hereby do amend that certain Irrevocable Letter of Credit No. 9465006 issued in favor of The City of Chanhassen ('Beneficiary ") dated October 8, 2008 in the original principal amount of USD 182,963 (One Hundred Eighty -Two Thousand Nine Hundred Sixty -Three and 00 /100 United States Dollars) and currently held by Beneficiary (the "Letter of Credit ") to (i) extend the expiry date from October 8, 2009 to October 8, 2010 and (ii) reduce the amount of Letter of Credit No. 9465006 from USD 182,963 (One Hundred Eighty -Two Thousand Nine Hundred Sixty -Three and 00 /100 United States Dollars) to USD 14,330 (Fourteen Thousand Three Hundred Thirty and 00 /100 United States Dollars) to reflect the satisfactory partial completion of required site improvements. The Letter of Credit, as amended by this First Amendment, sets forth in full the terms of our undertaking to Beneficiary. Such undertaking shall not be modified, amended or amplified by reference to any document or instrument referred or related to herein and any such reference shall not be deemed to incorporate herein by reference any such document or instrument, except as expressly provided herein. This First Amendment is considered part of the Letter of Credit and must be attached thereto. The original of the Letter of Credit and the original of this First Amendment must be presented to us with any drawings hereunder for our endorsement of any payments effected by us. Except as expressly amended by this First Amendment, the Letter of Credit remains in full force and effect on the date hereof. Member FDIC muuxocsuc LEnorx Signed this 17th day of November, 2009, on behalf of BNC National Bank. L I - I M 412539 rue M T W T F M T W T F M T W T F LVA ...................... . .....1 2 3 4 . 1 ¢ 3 4 5 6 7 7 8 910 11 4 5 8 7 8 10 11 12 13 14. 14 15 16 17.18 11 12 13 14 15 17 18 21 2 18 19 20 21 22 24 25 26 27 28 - 2829 30 31 2526 27 2829 '31 .................. ..................... ..................... Notify Sharmeen AI -Jaff NOTE: LC Automatically renews for successive one -year terms 9/25/09 - Notified Sharmeen. Kim 10/2/09 - Notified Sharmeen. Kim 10/27/09 - Per Sharmeen, hold LC and check status 5/15/10. Kim 11/4/09 - Per Sharmeen, reduce LC to $14,330 to be broken down as follows: $2,000 Grading $6,000 Utilities $2,000 Paving $3,830 Landscaping $ 500 Erosion Control LC reduction request letter mailed to bank on 11/4/09. Kim 12/3/09 - Received Amendment No. 1 from bank extending expiration date to 10/8/10 and reducing the amount to $14,330. Check status 5/1/10. Kim 511110 -Notified Sharmeen. Kim 6/4/10 -Notified Sharmeen. Kim 9/28/10 - Per Jill, ok to release landscaping ($3,830) and erosion control ($500) portions of letter of credit. Check with Engineering to see if grading, utilities, and paving and be reduced or release. Kim 11/18/10 -Notified Alyson. Kim 11/23/10 - Sharmeen sent letter to Max Heitzmann of Anxon, Inc. with a list of items that need attention before LC can be reduced or released. Wait for response. Kim 8/3/11 - Per Sharmeen check status 9/15/11. Kim 9/15/11 -Notified Sharmeen. Kim 12/1/11 - Notified Sharmeen. Kim 12/6/11 - Per Sharmeen, ok to release letter of credit. 12/21/11 - Letter of credit returned to bank. Activity closed. Kim ............................................................................................................................................................................................ ............................... 4 a IJt51 . ­ O I .. . _ - tetltGar %20—P ... S 3 M T W T F . ; . M T W T F � M T W T F M 7 7 8 9 10 11 3 4 5 6 7 8 10 11 12 1311 12 13 14 14 15 16 17 18 III 15v 18 19 20 2 1 22 .> 25 26 27 28 29,, 31 ........ ............ ....... . . ........... .......... .. Qf Securities � �" ` : •_P£su.��"SatlOCnr. s, z;�.�1}t����-�� u ��r,�.:a.:'x'., ,.. ++ .i ; �.1���bN�� .aa:� „. w .r„ . >�” ' z- . � �'��,'�« �:`- -,t$., .. :��� 5/1/10 5/1/10 O LC #9465006 Expires 10/8/09 Walgreens (Seven Forty One Crossings) Planning Case 08 -05 Site Plan Agreement $14,330 (originally $182,963) grading, erosion control, landscaping, etc. Notifiy Sharmeen A] -Jaff NOTE: LC Automatically renews for successive one -year terms 9/25/09 - Notified Sharmeen. Kim 10/2/09 - Notified Sharmeen. Kim 10/27/09 - Per Sharmeen, hold LC and check status 5/15/10. Kim 11/4/09 - Per Sharmeen, reduce LC to $14,330 to be broken down as follows: $2,000 Grading $6,000 Utilities $2,000 Paving $3,830 Landscaping $ 500 Erosion Control LC reduction request letter mailed to bank on 11/4/09. Kim 12/3/09 - Received Amendment No. I from bank extending expiration date to 10/8/10 and reducing the amount to $14,330. Check status 5/1/10. Kim 5/1/10- Notified Sharmeen. Kim 6/4/10- Notified Sharmeen. Kim 9/28/10 - Per Jill, ok to release landscaping ($3,830) and erosion control ($500) portions of letter of credit. Check with Engineering to see if grading, utilities, and paving and be reduced or release. Kim 11/18/10 -Notified Alyson. Kim 11/23/10 - Sharmeen sent letter to Max Heitzmann of Anxon, Inc. with a list of items that need attention before LC can be reduced or released. Wait for response. Kim ........................................................................................................................... ............................... -.............................................................................................................. ............................... 0 2010 Lotus Development Corp. 11/23110 at 4:17 PM S= Status P= Priority Page 1 November 23, 2010 CITY OF A CHA NSEN Mr. Max Heitzmann, Vice President Anxon, Inc. 7700 Market Boulevard 601 Marquette Avenue South, Suite 100 Chanhassen, MN 55317 P Box 147 Minneapolis, MN 55402 _ Planning& Re: 7/41 Crossing/Walgreens Site — Planning Case 2008 -05 Administration questions, please feel free to contact me at 952.227..1134 or e-mail at Phone: 952.227.1100 Dear Mr. Heitzmann: Fax: 952.227.1110 saljaff @ci.chanhassen mn.us Building Inspections I hope this letter finds you well. I am following up on some issues that require Phone: 952.227.1180 your attention in the 7/41 Crossing development. They include the following: Fax: 952.227.1190 1 Fax: 952.227.1310 Walgreens Site: Engineering Sharmeen Al -Jaff Phone: 952.227.1160 1. The silt fence must be removed from two catch basins in the grassy areas. Fax: 952.227.1170 Finance Future Building Pad: Phone: 952.227.1140 Fax: 952.227.1110 1. Parking lot striping is incomplete. 2. Install Emergency Overflow (EOF) near the trash dumpster of the retail Park & Recreation building. Phone: 952.227.1120 3. Stripe the crosswalk for the new trail at the entrance. off of Highway 41. Fax: 952.227.1110 Recreation Center Both Sites: 2310 Coulter Boulevard Phone: 952.227.1400 1. Utilities must be covered by a cross - access agreement. Provide a copy of the Fax: 952.227.1404 recorded document. Planning& Please notify us when these outstanding items are complete. If you have any Natural Resources questions, please feel free to contact me at 952.227..1134 or e-mail at Phone: 952.227.1130 Fax: 952.227.1110 saljaff @ci.chanhassen mn.us Public Works Sincerely, 1591 Park Road Phone: 952.227.1300 1 Fax: 952.227.1310 ` Senior Center Sharmeen Al -Jaff Phone: 952.227.1125 Senior Planner Fax: 952.227.1110 c: Joe Shamla, Project Engineer Web Site www.ci.chanhassen.mn.us g: \plan\2008 planning cases \08 -05 walgreensVfollow up letter.doc SCANNED Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow 4 CITY OF CHMNSFN 7700 Market Boulevard PO Box 147 Chanhassen, MN 55317 Administration Phone: 952.227.1100 Fax: 952.227.1110 Building Inspections Phone: 952227.1180 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 November 4, 2009 BNC National Bank 33 South Seventh Street, Suite 200 Minneapolis, MN 55402 Re: Letter of Credit No. 9465006 Reduction — Walgreens Planning Case No. 08 -05 To Whom It May Concern: Please accept this letter as authorization to reduce Letter of Credit No. 9465006 to $14,330. Please send written acknowledgement of this reduction at your earliest convenience. If you have any questions or concerns, please contact me by email at saljaff @ci.chanhassen.mn.us or at 952 - 227 -1134. Sincerely, CITY OF CHANHASSEN I Sharmeen Al -Jaaf Senior Planner SAJ:ktm c: Max Heitzmann, Anxon, Inc. Joe Shamla, Project Engineer gAplan\2008 planning cases \08 -05 walg reens\lc reduction .11- 04- 09.doc SCANNED Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow Meuwissen, Kim From: Meuwissen, Kim Sent: Wednesday, September 29, 2010 11:20 AM To: Fauske, Alyson Cc: Sinclair, Jill Subject: Walgreens (7/41 Crossing) Letter of Credit Alyson, Jill has approved the release of the landscaping and erosion control portions of this letter of credit. Can the grading, utilities, and paving portions of this letter of credit be reduced or released as well? LC #9465006 Expires 10/8/09 Walgreens (Seven Forty One Crossings) Planning Case 08 -05 Site Plan Agreement $14,330 (originally $182,963) grading, erosion control, landscaping, etc. Notifiy Sharmeen AI -Jaff NOTE: LC Automatically renews for successive one -year terms 9/25/09 - Notified Sharmeen. Kim 10/2/09 - Notified Sharmeen. Kim 10/27/09 - Per Sharmeen, hold LC and check status 5/15/10. Kim 11/4/09 - Per Sharmeen, reduce LC to $14,330 to be broken down as follows: $2,000 Grading $6,000 Utilities $2,000 Paving $3,830 Landscaping $ 500 Erosion Control LC reduction request letter mailed to bank on 11/4/09. Kim i 12/3/09 - Received Amendment No. 1 from bank extending expiration date to 10/8/10 and reducing the amount to $14,330. Check status 5/1/10. Kim 5/1/10 - Notified Sharmeen. Kim 6/4/10 - Notified Sharmeen. Kim 9/28/10 - Per Jill, ok to release landscaping ($3,830) and erosion control ($500) portions of letter of credit. Check with Engineering to see if grading, utilities, and paving and be reduced or release. Kim KIM MEUWISSEN y CITY OF CHANHASSEN PLANNING SECRETARY 952-227-1107 MAtL'I'O: KMEUWISSE Cti MN. 11S ,�M T W T Fr' - ,M T W T F M M T W T F" 1 2 3 4 1 02 ................. ..................... 3 4 5 6 7 7 8 9 10 11 4 5 6 7 8 9`£ 14 14 15 16 17 18 11 12 1314 15 '6 10 11 12 13 .. 17 16 19 20 21 21 22 23 24 25 18 19 20 21 22 24 25 26 27 28 28 29 30 25 26 27. 28 29 . ......................, . io Securities NOTE: LC Automatically renews for successive one -year terms 9/25/09 - Notified Sharmeen. Kim 10/2/09 - Notified Shanneen. Kim 10/27/09 - Per Sharmeen, hold LC and check status 5/15/10. Kim 11/4/09 - Per Sharmeen, reduce LC to $14,330 to be broken down as follows: $2,000 Grading $6,000 Utilities $2,000 Paving $3,830 Landscaping $ 500 Erosion Control LC reduction request letter mailed to bank on 11/4/09. Kim 12/3/09 - Received Amendment No. 1 from bank extending expiration date to 10/8/10 and reducing the amount to $14,330. Check status 5/1/10. Kim 5/1/10- Notified Sharmeen. Kim 6/4/10- Notified Sharmeen. Kim 9/28/10 - Per Jill, ok to release landscaping ($3,830) and erosion control ($500) portions of letter of credit. Check with Engineering to see if grading, utilities, and paving and be reduced or release. Kim ............................................................................................................................................................................................................................. ............................... .......................................................................................................................................................................................................................................................................... ............................... .. .... . .. . . . . . . . . . . . . . . .. . . .. . ........ .... ...... . . . ... . ...... . . . ......... .. . .. ...... ... .. .... .... ... .... .... ... . .......... .... ... .. . . .. . . ..... .. .. . . . . . . . . . .. ...... . . ....... . . .. . . . . . . .... ............... . . .. . . . . . . . . . . . .. ... . ...... .... ....... . .. . . . . .. .. . ............ .................................. 0 2010 Lotus Development Corp. 9/29/10 at 11:19 AM S--Status P= Priority Page 1 '.,ES:'a M T W T F M T W T F M T W T ...1.... 2 . 3. 4 t - 2 3 4 5 6 7 7 8 9 10 11 4 5 6 7 8 X910 11 12 13 14 14 15 16 17 18 ( 11 12 13 74 15 16 .................. ...... 4fi%17 18 19 20 21 21 22 23 24 255 7`18 19 20 21 22 ................... 23 24 25 26 27 28 29 30 31 24 25 26 27 28 29 3as 37 ......... ...... .. Nk Securities :]Ki(t � -,. W m4, � ?-r" -• �w^" me 't .,.;; ,., ,., ., .. 1";g�° `.+',:;;�, kt..axs;°' E, tiGt s 5/1/10 5/1/10 O LC #9465006 Expires 10/8/09 Walgreens (Seven Forty One Crossings) Planning Case 08 -05 Site Plan Agreement $14,330 (originally $182,963) grading, erosion control, landscaping, etc. Notify Sharmeen Al -Jaff NOTE: LC Automatically renews for successive one -year terms 9/25/09 - Notified Sharmeen. Kim 10/2/09 - Notified Sharmeen. Kim 10/27/09 - Per Sharmeen, hold LC and check status 5/15/10. Kim 11/4/09 - Per Sharmeen, reduce LC to $14,330 to be broken down as follows: $2,000 Grading $6,000 Utilities $2,000 Paving $3,830 Landscaping $ 500 Erosion Control LC reduction request letter mailed to bank on 11/4/09. Kim 12/3/09 - Received Amendment No. 1 from bank extending expiration date to 10/8/10 and reducing the amount to $14,330. Check status 5/1/10. Kim 5/1/10- Notified Sharmeen. Kim 6/4/10- Notified Sharmeen. Kim ..................................................................................................................................... ............................... ` Meuwissen, Kim From: AI -Jaff, Sharmeen Sent: Wednesday, November 04, 2009 11:13 AM To: Max Heitzmann Cc: Shamla, Joe; Meuwissen, Kim Subject: Reduction of Letter of Credit for Wallgreens 7 and 41 Crossing Good morning Max, Joe and I just reinserted your site. Our findings are as follows: Both Sites 1. Provide a copy of the asbuilts. Can combine the two sites into one drawing or complete them separately. (incomplete) 2. Utilities must be covered by a cross - access agreement. Provide a copy of the recorded document. (incomplete) 3. Wallgreens 1. The FahngaFdeR at WaigFee-AS Reed-S, �a little vie.rk. It iS eFeding in ene area and- Reed te be filled in and so ethiR0 a little -bit ImIA-re hp_avy duty m Reed te be put i R that aF__ entre-I blapket,-W4 forr-PPAPPt mat, ete. QtheFWise the plants leek good. if you want te meet te , Alse, just euFieus — it d-e-esip't she;vi en the plan wheFe that inlet pi, i DMiRg fFeM. 09-P-S i t GA-ARe (complete) 2. Silt fence must be removed from 2 catch basins in the grassy areas. (incomplete) Additional Building Pad 1. Parking lot striping not complete. (incomplete) 2. Provide two year maintenance bond for the trail. (incomplete) 3. €rosieAeent-re' —Silt fp .o # hp !led , , +,l . _ ,,,+ +;,, , S + hr (complete) 4. Install eof near the trash dumpster of the retail building. (incomplete) 5. Verify that the cross walk for the new trail is striped. (incomplete) We will reduce the letter of credit but will not be able to release it until the work is complete. Grading $2,000 Utilities $6,000 Paving $2 ,000 Landscaping $3,830 Erosion Control $500 The new letter of credit will be reduced to $14,330. Please notify us when these outstanding items are complete. Sincerely Sharmeen Al -Jaff Senior Planner 2 952 - 227 -1134 From: Max Heitzmann [mailto:max @anxon.com] Sent: Tuesday, November 03, 2009 9:50 AM Toc AI-Jaff, Sharmeen Subject: RE: Wallgreens 7 and 41 Escrow Hi Sharmeen I believe engineering is now all set on this issue, so I am hopeful that allows the release of the letter of credit. As far as the previously existing parking lot goes, we do plan on patching, sealing and re- striping for both maintenance and aesthetic purposes, but I don't see that that is actually part of the agreement, and I need to get my contractors paid before they will come out and perform the work — a payment that is being held up by the letter of credit. Thanks for your help. Max Max Heitzmann Vice President Anxon, Inc. 601 Marquette Ave. S Suite 100 Minneapolis, MN 55402 o- 612.465.0861 f- 612.341.9131 m- 763.443.8613 - - - -- Original Message---- - From: AI -Jaff, Sharmeen [ mailto:SAI- Jaff @ci.chanhassen.mn.us] Sent: 2009 -09 -04 16:06 To: Max Heitzmann Subject: FW: Wallgreens 7 and 41 Escrow Max, Here are comments that I have received so far. I told you that the parking lot needs to be resurfaced in front of the strip mail and both locations need to be striped Sincerely Sharmeen Al -Jaff Senior Planner W952-227-1134 From: Shamla, Joe Sent: Friday, September 04, 2009 3:34 PM To: AI -Jaff, Sharmeen Subject: Wallgreens 7 and 41 Escrow Sharmeen, Here are the outstanding issues for this site. Both Sites 2. Provide a copy of the asbuilts. Can combine the two sites into one drawing or complete them separately. 3. Utilities must be covered by a cross - access agreement. Provide a copy of the recorded document. Wallgreens SCANNED a 1. The raingarden at Walgreens needs a little work. It is eroding in one area and need to be filled in and something a little bit more heavy duty might need to be put in that area — erosion control blanket, turf reinforcement mat, etc. Otherwise the plants look good. If you want to meet to discuss, let me know. Also, just curious — it doesn't show on the plan where that inlet pipe is coming from. Does it connect to roof drains somewhere, or where is the water coming from? It's obviously a significant amount. 2. Silt fence must be removed from 2 catch basins in the grassy areas. Additional Building Pad 4. Parking lot striping not complete. 5. Provide two year maintenance bond for the trail. 6. Erosion control — Silt fence must be installed until vegetation established. 7. Install eof near the trash dumpster of the retail building. 8. Verify that the cross walk for the new trail is striped. Please let me know if you have any questions. SCANNED