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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 $24,350. Kim 7/6/11 - Notified Jill. Kim 7/7/11 - Per Jill check status 7/1/12 (2nd and 3rd Additions still under construction). Kim 8/1/12 - Notified Jill. Kim 9/10/12 - Per Jill check status 9/1/13. Kim 9/1/13 - Notified Jill. Kim 9/3/13 - Per Jill hold the LC until fall of 2014 when the two -year maintenance agreement for the site restoration is over. Check status 9/1/14. Kim lCnu Memvissen ® Sr. CommtnticationsG4dmini strntive Support Specialist 9,51- 117 -1107 lmaeuwissen(cici.. chanhassen. rra n. its CITY OF CHANHASSEN 7700 MARKET BOULEVARD PO BOX 147 CHANHASSEN. MN 55317 Find us on Facebook 3 Status Report Sunday, September 01, 2013 PIan.OR6 ul npTDBr M T W T F M T W T F M T W T F 1 2 3 4 1 .2...3..4...5 ..fi...2 ..8 8..2._8._9..10 ii ..i2 .3..4...5._6..'...8..$. '8'16 11 12 '13 14 73 13'14 15 16 12 18'1} 1d 11 i2'i3 i4 1'$'78 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