Letter of Credit DocumentationStatus Report Monday, September 01, 2014 Plan
OW Au us12000 ell
2000
T F S M T W T F S T F 1 4 5 1 2 .fi...�..8 6...f..8..... 11 12 Y...8..9 13 14 16 iP'496161]'Wf9 1415' {6 20 2122 2021 22 2324 25 A 21 2223 37 2628 2728 29.3031........ 8 2920
,4 Securities
Istan Due S P Category Description
9/1/2014 9/1/2014 LC #839BGC1000252 Expires 11/30/10
(Replaces LC #1506)
Preserve at Bluff Creek
Planing Case 2006 -14
$24,350 (originally $37,775)
Letter of Credit automatically renews for successive one -year terms.
LC #1506 Expires 1/18/08- REPLACED WITH
LC #839BGC1000252
Preserve at Bluff Creek 1st Addition
Planing 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 most 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 anually 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/l/1 1. 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
7/6/11 -Notified Jill. Kim
7/7/11 - Per Jill check status 7/1/12 (2nd and 3rd Additions still under construction). Kim
8/1/12 - Notified Jill. Kim
9/10/12- Per Jill check status 9 /1/13. Kim
9 /I /13- Notified Jill. Kim
9/3/13 - Per Jill hold the LC until fall of 2014 when the two -year maintenance agreement for the site
restoration is over. Check status 9/1/14. Kim
9/15/14 - Notified Jill. Per Jill, OK to release LC. Activity closed. Kim
.................................................................... ...........................I... I...
.................................................................................................................... ............................... I ................. ...
0 town D.M.MeM Ca, at&2014et&"AM s= Stalin P= Prbffly Pagel
Meuwissen, Kim
From:
Sent:
To:
Subject:
Hi Kim,
Yes, this can be released.
Sinclair, Jill
Tuesday, September 16, 2014 8:24 AM
Meuwissen, Kim
RE: Preserve at Bluff Creek Letter of Credit
Jill Sinclair
Environmental Resources Specialist
City of Chanhassen
952 - 227 -1133
From: Meuwissen, Kim
Sent: Monday, September 15, 2014 4:18 PM
To: Sinclair, Jill
Subject: Preserve at Bluff Creek Letter of Credit
Jill,
See your notes below and advise. Sorry I'm 14 days late in notifying you. Thanks!
LC #839BGC1000252 Expires 11/30/10
(Replaces LC #1506)
Preserve at Bluff Creek
Planning Case 2006 -14
$24,350 (originally $37,775)
Letter of Credit automatically renews for successive one -year
terms.
LC #1506 Expires 1/18/08- REPLACED WITH
LC #839BGC1000252
Preserve at Bluff Creek 1st Addition
Planning Case 2006 -14
$122,601 (landscaping)
Letter of Credit automatically renews for successive one -year terms
I
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 1 st. Kim
z
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
7/6/11 - Notified Jill. Kim
7/7/11 - Per Jill check status 7/1/12 (2nd and 3rd Additions still
under construction). Kim
8/1/12 - Notified Jill. Kim
9/10/12 - Per Jill check status 9/1/13. Kim
9/1/13 - Notified Jill. Kim
9/3/13 - Per Jill hold the LC until fall of 2014 when the two -year
maintenance agreement for the site restoration is over. Check
status 9/1/14. Kim
lCnu Memvissen
® Sr. CommtnticationsG4dmini strntive Support Specialist
9,51- 117 -1107
lmaeuwissen(cici.. chanhassen. rra n. its
CITY OF CHANHASSEN
7700 MARKET BOULEVARD
PO BOX 147
CHANHASSEN. MN 55317
Find us on
Facebook
3
Status Report Sunday, September 01, 2013 PIan.OR6
ul npTDBr
M T W T F M T W T F M T W T F
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s'26 21'22 iii "zi zz z3 211 25 °28 ii 18 i9 2o 21 22'23
23`24 25 28'27'2812 292s "29 3d81 " "" 24'25 28 27 28 29'36
!) Securities
(start Due S P Category Description
9/1/2013 9/1/2013 F LC #839BGC1000252 Expires 11/30/10
(Replaces LC # 1506)
Preserve at Bluff Creek
Planning Case 2006 -14
$24,350 (originally $37,775)
Letter of Credit automatically renews for successive one -year teens.
LC #1506 Expires 1 /18 /08- REPLACED WITH
LC #839BGC1000252
Preserve at Bluff Creek 1st Addition
Planning Case 2006 -14
$122,601 (landscaping)
Letter of Credit automatically renews for successive one -year terns
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
growingseason. 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
10/2109 - 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 839BGCI000252 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 Ist. 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 /l /11. Kim
10 /11 /10 - Received Amendment to Letter of Credit 839BGC 1000252 dated 10/6/10 decreasing
amount by $13,425 to leave a new balance of $24,350. Kim
7/6/11 -Notified Jill. Kim
7/7/11 - Per Jill check status 7/1/12 (2nd and 3rd Additions still under construction). Kim
8 /t /12- Notified Jill. Kim
9/10/12 - Per Jill check status 9/1/13. Kim
................................................................................................................................................................... ...............................
........................................................................................ ...............................
0 Lotm DevelOpment CaM. WIM12a12:1a PM s =status P =Pdotlry
Status Report Sunday, July 01, 2012 Plan.OR6
m eolber T F om
T F M T W T F 1 3 4 _5.....8 ..10. i.i_12 .3..4..5._8......8..9 13 14 1$ fi if 19 113 16 11 12 13 14 16 Yd 20 21 2[ 24 26 2$ if ie 99 2d 21** 223 0 n*A 0 31 .....* 24 26 26 V7 8 29.,' _..1 —,.... .............. ...... _.. _. _..............
n Securities
IStart Due S P Category Desc ription
7/112012 7/1/2012 0 LC 4839BGC1000252 Expires 11 /30/10
(Replaces LC 81506)
Preserve at Bluff Creek
Planning Case 2006 -14
$24,350 (originally $37,775)
Letter of Credit automatically renews for successive one -year terms.
LC 81506 Expires I/ I 8/08-REPLACED WITH
LC 4839BGC1000252
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 1/18/091 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 forth and file a claim but he is
doubtful the city will receive anything. Kim
3/16/10 - Received Replacement Letter of Credit 839BGC 1000252 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 /l /11. Kim
10/11/10 - Received Amendment to Letter of Credit 839BGC 1000252 dated 10/6/10 decreasing
amount by $13,425 to leave a new balance of $24,350. Kim
7 /6 /I1- Notified Jill. Kim
7/7/11 - Per Jill check status 7/1/12 (2nd and 3rd Additions still under construction). Kim
8 /1 /12- Notified Jill. Kim
............................................................................................................................................................................................ ...............................
0 Lotus Developmam Coto. &11 012 at 8 '. 5 0 HM 5 =Slalus P-Pdotlty Ng et
Status Report Sunday, July 01, 2012 Plan.0116
�mmcrw.•r� r_.rrr.+nrca.�:� rsos.m�.� -
M T W T F M T W T F $ M T W T F
1 2 3 4 1 2
7...3...4..6. s......6. 5 ..2...8.. 9 10 11'12 .3...4_5_ 6 e...9
1i 10 11 12 13 i4 i6 13 14 15 16 it 16 19 10 11 12 13 14 -i5 16
ie'i7 18 19 20 2'1'7) 26 21 22 2324 2576 1 i. 18 1920 21 22.73
232425 2627 2B79 '1T 28;n 30 31 24.25 2fi 2i 28 29 iC
,.3i ...................... ............................. .............. _.. _... _....
Securities
Istart Due s P category Description
7/1/2012 7/1/2012 F LC #839BGCI000252 Expires 11130/10
(Replaces LC #1506)
Preserve at Bluff Creek
Planning Case 2006 -14
$24,350 (originally $37,775)
Letter of Credit automatically renews for successive one -year terms.
LC #1506 Expires 1/18/08- REPLACED WITH
LC #839BGC1000252
Preserve at Bluff Creek 1 st 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 939BGC 1000252 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 839BOCIO00252 dated 10/6/10 decreasing
amount by $13,425 to leave a new balance of $24,350. Kim
7/6/11 - Notified Jill. Kim
7/7/11 - Per Jill check status 7/1/12 (2nd and 3rd Additions still under construction). Kim
.. ....... ....... ... . ............................................. .... .......... ... .. .. ........ . ... .......... .......... ..... ....... ...... ................................ . .............................. ....................
Status Report 7/1/11 PLAN.OR2
12000 emner 2000
M T W T F M T W T F M T W T F S
.
/ . 1 2 3 4 2
........
2 3 4 -�$ b 7 8 .�.. ] 8 9. 101112 Y4 5 6 7 89
10 t1 14{$ 13 14 15 16.1] 19 19 10 11 12 13 14 15 16
!it 1] 18 19 20 2132 M. 21 22 23 24 25 26 1] 16 19 20 21 22 23
23 24 25 26 27 28 2 27 26 29 30 31 - 24 25 N 27 H 29 36
3031_...._._ _..... .....
_ .............. ..... ......._ ......__... _..
�I Securities
Start Due S P Calegory Descd lion
7/1/11 7/1111 F LC #839BGC1000252 Expires 11130/10
(Replaces LC #1506)
Preserve at Bluff Creek 1 st Addition
Planning Case 2006 -14
$37,775
C 2010 Lotus Dwelopmem Co,
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
10/2109 - 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 839BGCI000252 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 711/11. Kim
10 /I1 /10 - Received Amendment to Letter of Credit 939BGCI000252 dated 10/6/10 decreasing
amount by $13,425 to leave a new balance of $24,350. Kim
P- P0.6t,
SCANNED
Page i
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
r
•
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 1st 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
SCANNED
CITY OF
September 29, 2010
CII)M SEN
Please accept this letter as authorization to reduce Letter of Credit No.
7700 Market Boulevard
Reynaldo M. de los Reyes
PO Box 147
Deutsche Bank AG New York
Chanhassen, MN 55317
Trade and Risk Services
Fax: 952.227.1110
60 Wall Street / NYC60 -2517
Administration
New York, NY 10005 -2858
Phone: 952.227.1100
Sinclair@ci.chanhassen.mn.us or at 952- 227 -1133.
Fax: 952.227.1110
Re: Letter of Credit No. 839BGC1000252 Reduction
Fax: 952227.1110
Preserve at Bluff Creek 1St Addition
Building Inspections
Planning Case No. 2006 -14
Phone: 952.227.1180
Fax: 952.227.1190
Dear Mr. de los Reyes:
Engineering
Phone: 952.227.1160
Please accept this letter as authorization to reduce Letter of Credit No.
Fax: 952.227.1170
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
Finance
Phone: 952.227.1140
convenience.
Fax: 952.227.1110
If you have any questions or concerns, please contact me by email at
Park & Recreation
Sinclair@ci.chanhassen.mn.us or at 952- 227 -1133.
Phone: 952.227.1120
Fax: 952227.1110
Sincerely,
Recreation Center
2310 Coulter Boulevard UCITY
OF
CHANHASSEN
Phone: 952.2 27.1400
Fax: 952.227,1404 X
Planning & Jill Sinclair
Natural Resources Environmental Resources Coordinator
Phone: 952.227.1130
Fax: 952.227.1110 JS:ktm
Public Works
1591 Park Road c: Mark Sonstegard, Ryland Homes
Phone: 952.227.1300
Fax: 952.227.1310 g:\plan\2006 planning cases \06 -14 the preserve'de reduction letter 9- 29- 2010.doc
Senior Center
Phone: 952.227.1125
Fax: 952.227.1110
Web Site
www.cl,charthassenstun.us
Chanhassen is a Community for Life— Providing for Today and Planning for Tomorrow
September 24, 2010
Jill Sinclair
City of Chanhassen
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
RECEIVED
SEP 2 g 2010
CITY OF CHANHASSEN
RYLAND
HOMES
TWIN CITIES DIVISION
7599 Anagram Drive
Eden Prairie, MN 55344
952- 229 -6000 Office
952- 229 -6024 Fax
w .ryland.com
Re: The Preserve at Bluff Creek Landscape LOC # 839BGC1000252 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, /
�v
Mark Sonstegard
Land Development Manager
Ryland Homes, Twin Cities
N /!D
p Ole
re ,
P
Transmittal
Mail _FedEx _Courier
To: Gordy Stauff
City of Chanhassen
From: Mark Sonstegard
Date: March 16, 2010
RYLAND
HOMES
Twin Cities Division
X Other 7599 Anagram Drive
— Eden Prairie, MN 55344
952.229.6000 Tel
952.229.6024 Fax
Subject: The Preserve at Bluff Creek LOC Replacements
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 15' Addition improvements. Per your February 9, 2009 letter,
the value of this LOC is set at $48,000.
• Deutsche Bank LOC 839BGC1000252 replaces Guaranty Bank's LOC 1506
which covers The Preserves landscaping. 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 have any questions with these LOC's.
Mark
CITY OF CHA �HASSEN
MAR 16 2010
ENGINEERING DEPT