LC Reduction Letter 03-23-2015CITY OF March 23, 2015
CHANHASSEN
7700 Market Boulevard
PC Box 147
Jessica A. Schultz
Chanhassen, MN 55317
Bremer Bank
Fax: 952.227.1110
8555 Eagle Point Boulevard
Administration
Lake Elmo, MN 55042
Phone: 952.227.1100
Fax: 952.2271110
Re: Letter of Credit Reduction — Crossroads of Chanhassen Building 4B
Building Inspections
Planning Case No. 2013-06
Phone: 952.227.1180
Project Engineer
Fax: 952.227.1190
Dear Jessica:
Engineering Please accept this letter as authorization to reduce Letter of Credit No. S120010865
Phone: 952.227.1160 by $245,139.73 to leave a remaining balance of $39,459.97. Please send written
Fax: 952.227.1170 acknowledgement of this reduction at your earliest convenience.
Finance
Phone: 952.227.1140 If you have any questions or concerns, please contact me by email at
Fax: 952.227.1110 sbsmith@ci.chanhassen.mn.us or at 952-227-1165.
Park & Recreation
Sincerely,
Phone: 952.227.1120
Fax: 952.227.1110
CITY OF CHANHASSEN
Recreation Center
2310 Coulter Boulevard
Phone: 952.227.1400
Fax: 952.227.1404
Stephanie 13. Smith, P.E.
Project Engineer
Planning &
Natural Resources
Phone: 952.227.1130
SBS:ktm
Fax: 952.227.1110
Enc.
Public Works
7901 Park Place
ea Sharmeen Al-Jaff, Senior Planner
Phone: 952.2271300
Jill Sinclair, Environmental Resource Coordinator
Fax: 952.227.1310
Senior Center
Phone: 952.2271125 gAplan\2013 planning cases\2013-06 crossroads pud amendment & spr* reduction letter 03-23-2015.doe
Fax: 952.227.1110
Website
www.ci.chanhassen.mn.us
Chanhassen is a Community for Life - Providing torTodayand Planning for Tomorrow
Bremer
Bank
BREMER BANK, N.A.
STANDBY LETTERS OF CREDIT
MN-001-73FO
MAY 15, 2013
LETTER OF CREDIT NUMBER: S120010865
EXPIRATION DATE: APRIL 30, 2014
AMOUNT: USD 284,599.70
APPLICANT: KRAUS-ANDERSON, INCORPORATED
523 SOUTH EIGHTH STREET
MINNEAPOLIS, MINNESOTA 55404
8555 Eagle Point Blvd.
P.O. Box 1000
Lake Elmo, Minnesota 55042-1000
phone: 1 -800 -908 -BANK (2265)
fax: 651-734-4215
BENEFICIARY: CITY OF CHANHASSEN
C/O CITY MANAGER
CHANHASSEN CITY HALL
7700 MARKET BOULEVARD, POST OFFICE BOX 147
CHANHASSEN, MINNESOTA 55317
BREMER BANK, NATIONAL ASSOCIATION
RE RER 'IGNATURE
TE ATIONAL SPECIALI
FOR INFORMATIONAL PURPOSES ONLY:
ORIGINAL LETTER OF CREDIT COURIERED TO:
KRAUS-ANDERSON REALTY
JACK APPERT
4210 WEST OLD SHAKOPEE ROAD
BLOOMINGTON, MINNESOTA 55437
SWIFT: BRFSUS4T
PHONE: 800-908-2265
FAX: 651-734-4277
IATI ON
Member FDIC Bremer.com
y Bremer
8555 Eagle Point Blvd.
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P.O. Box 1000
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Lake Elmo, Minnesota 55042-1000
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phone: 1 -800 -908 -BANK (2265)
fax: 651-734-4215
BREMER BANK, N.A.
SWIFT: BRFSUS4T
STANDBY LETTERS OF CREDIT
PHONE: 800-908-2265
MN-001-73FO
FAX: 651-734-4277
IRREVOCABLE STANDBY LETTER OF CREDIT NO. S120010865
ISSUE DATE: MAY 15, 2013
EXPIRATION DATE: APRIL 30, 2014
BENEFICIARY:
CITY OF CHANHASSEN
7700 MARKET BOULEVARD, BOX 147
CHANHASSEN, MINNESOTA 55317
WE HEREBY ISSUE, FOR THE ACCOUNT OF KRAUS ANDERSON, INCORPORATED AND IN YOUR FAVOR, OUR
IRREVOCABLE LETTER OF CREDIT IN THE AMOUNT OF $284,599.70 (TWO HUNDRED EIGHTY FOUR THOUSAND FIVE
HUNDRED NINETY NINE AND 70/100 UNITED STATES DOLLARS), AVAILABLE TO YOU BY YOUR DRAFT DRAWN ON SIGHT
ON THE UNDERSIGNED BANK. PAYMENT UNDER THIS LETTER OF CREDIT IS AVAILABLE AGAINST PRESENTATION OF THE
BENEFICIARY'S SIGHT DRAFT DRAWN ON US.
THE DRAFT MUST:
BANK"; A) BEAR THE CLAUSE, "DRAWN UNDER LETTER OF CREDIT NO.S120010865, DATED MAY 15, 2013 OF BREMER
B) BE SIGNED BY THE MAYOR OR CITY MANAGER OF THE CITY OF CHANHASSEN.
C) BE PRESENTED FOR PAYMENT AT 8555 EAGLE POINT BOULEVARD, LAKE ELMO, MINNESOTA 55042, ON OR
BEFORE 4:00 P.M. ON APRIL 30, 2014.
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 APRIL 30 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 COURIER 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.
BREMER BANK, NATIONAL ASSOCIATION
J
R P RERS,§)NATURE
I ATIONAL SPECIALIST
ATION
Member FDIC Bremer.com