LC Reduction Request Letter 09-15-2014September 15, 2014
CITY OF
MUSEM
Mr. Thomas D. Johnson
Vice President
7700 Markel Boulevard
Bridgewater Bank
P Box
21500 Highway 7
Chanhassen, MN N 55317
Greenwood, MN 55331
Administration Re: Reduction to Letter of Credit No. 224 for
Phone: 952,227.1100 Lakeside Second Addition Landscaping
Planning Case #06 -26
Building Inspections
Phone: 952.227.1180 Dear Mr. Johnson:
Fax: 952.227.1190
This letter is to notify you that Letter of Credit No. 224 in the amount of $10,400.00
Engineering can be reduced to $1,040.00 (10 %). The landscaping for the project was inspected
Phone: 952.227,1160
Fax: 952.52.227.1170 and approved on August 14, 2014. The City will hold the reduced letter of credit for
one full year until August 14, 2015, at which time it can be released upon passing
Finance final inspection.
Phone: 952.227.1140
Fax: 952.2271110 Please send confirmation of reduction of Letter of Credit No. 224 in the amount of
$1,040.00 to my attention at your earliest convenience. All other terms and
Park & Recreation conditions shall remain unchanged.
Phone: 952.2271120
Fax: 952.227.1110
If you have any questions, please contact me at 952- 227 -1131 or by email at
Recreation Center bgenerousAci.chanhassen.nm.us.
2310 Coulter Boulevard
Phone: 952.227.1400 Sincerely,
Fax: 952.227.1404
Planning
Natural Resources
Phone: 952.227.1130
Fax: 952.2271110 Robert Generous, AICP
Senior Planner
Public Works
7901 Park Place RG:ktm
Phone: 952.227.1300
Fax: 952.227.1310
Enclosure: Copy of original Letter of Credit No. 224.
Senior Center
Phone: 952.227.1125 c: Jill Sinclair, Environmental Resources Coordinator
Fax: 952.227.1110
Web Site g : \plan\2006 planning cases \06 -26 lakeside\.second addition\lc reduction letter 09- 15- 2014.doc
www.ci.chan hassen. m n. us
Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow
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BRIDGEWATER BANK
HIREVOCABLE LETTER OF CREDIT
No. 224
Date: June 26, 2012
TO: City of Chanhassen
7700 Market Boulevard, Box 147
Chanhassen, Minnesota 55317
Dear Sir or Madam:
We hereby issue, for the account of John Arthur Homes at Lakeside, LLC and in your favor, our
Irrevocable Letter of Credit in the amount of $10,400.00, 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. 224, dated June 26, 2012, of Bridgewater
Bank ";
b) Be signed by the Mayor or City Manager of the City of Chanhassen.
c) Be presented for payment at 21500 Highway 7, Greenwood, MN 55331, on or before 4:00 p.m.
on June 26, 2013.
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 May 12`s 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, hitemational Chamber of Commerce Publication No. 600.
We hereby agree that a draft drawn under and in
honored upon presentation.
Bloomington
3800 American Blvd. West, Suite 100 PHONE 952.893.6868
Bloomington, MN 55431 Fax 952.893.6869
bridgewaterbankmn. com
this Letter of Credit shall be duly
21500 Highway 7 PHONE 952.653.0606
Greenwood, MN 55331 FAX 952.470.3933