Escrow Documentationfdleuvuissen, Kim
From:
Generous, Bob
Sent:
Friday, April 03, 2015 10:16 AM
To:
Scott Elleraas
Cc:
Benjamin Adams; Meuwissen, Kim; Smith, Stephanie; AI-Jaff, Sharmeen
Subject:
RE: RE: Letter of Credit
Mr. Elleraas,
It is my understanding that we cannot release the letter of credit. They still need to remove their erosion control. They
also need an encroachment agreement from Carver County for placement of playground equipment in the county right-
of-way.
If you need additional information before Sharmeen returns, please contact Stephanie Smith,
ssmith@ci.chanhassen.mn.us or (952) 227-1165.
Robert Generous, AICP
Senior Planner
7700 Market Boulevard
P.O.Box 147
Chanhassen, MN 55317
(952) 227-1131
bgenerous@ci.chanhassen.mn.us
Chanhassen is a Community for Life—
Providing for Today and Planning for Tomorrow
From: Scott Elleraas [mailto:selleraas@fmcbank.com]
Sent: Thursday, April 02, 2015 4:23 PM
To: Generous, Bob
Cc: Benjamin Adams
Subject: FW: RE: Letter of Credit
Dear Mr. Generous,
I have been attempting to find out the status on the release of the attached letter of credit in favor of the city of
Chanhassen. I have requested the release of the letter from Sharmeen AI-Jaff on two occasions. I understand she is
currently out of the office.
I am hoping you can help me.
Sincerely,
Scott Elleraas
Scott A. eUeoRs
Vice President
First Minnetonka City Bank
14550 Excelsior Blvd.
Minnetonka, MN 55345
952-465-0301 (direct)
952-935-8663 (main)
952-484-2635 (cell)
FIRST MINNETONKA
CITY BANK
From: Scott Elleraas
Sent: Tuesday, March 31, 2015 2:58 PM
To: 'AI-Jaff, Sharmeen'
Cc: 'Benjamin Adams'
Subject: RE: Letter of Credit
Dear Sharmeen,
Can you let me know the status of the attached letter of credit dated May 25, 2012 in favor of the city of
Chanhassen. My understanding is that the owner (MEP2, LLC) has complied with all outstanding issues covered by this
letter of credit. We would like the original letter returned to us at your earliest convenience.
Your prompt attention to this matter is greatly appreciated.
Regards,
Scott
Saott A. C—Ueops
Vice President
First Minnetonka City Bank
14550 Excelsior Blvd.
Minnetonka, MN 55345
952-465-0301(direct)
952-935-8663 (main)
952-484-2635 (cell)
2
The draft must:
a) Bear the clause, "Drawn under Letter of Credit No. 7295, dated May 25, 2012 of First
Minnetonka City Bank';
b) Be signed by the Mayor or City Manager of the City of Chanhassen.
c) Be presented for payment at 14550 Excelsior Blvd, Minnetonka, MN 55345, on
or before 4:00 p.m. on May 25, 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 25_ 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, 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.
BY: 5 —.
wwv Scott A. Elleraas
Its Vice President
SCANNED
Member FDIC
............
IRREVOCABLE LETTER OF CREDITwv
FIRST MINNETONKA
GLEN LAKE
CITY BANK
14SSO Excelsior Blvd.
Minnetonka, MN 55345
952.935.8663
No. 7295
fax 952.935.4957
Date: May 25, 2012
TO: City of Chanhassen
COUNTRY VILLAGE
7700 Market Boulevard, Box 147
IISOO Highway 7
Chanhassen, Minnesota 55317
Minnetonka, MN 55305
952.935.5995
Dear Sir or Madam:
fax 952.935. I6I I
We hereby issue, for the account of MEP2, LLC and in your favor, our Irrevocable Letter
of Credit in the amount of $58,008.75 available to you by your draft drawn on sight on the
www.fmcbank.com
undersigned bank.
The draft must:
a) Bear the clause, "Drawn under Letter of Credit No. 7295, dated May 25, 2012 of First
Minnetonka City Bank';
b) Be signed by the Mayor or City Manager of the City of Chanhassen.
c) Be presented for payment at 14550 Excelsior Blvd, Minnetonka, MN 55345, on
or before 4:00 p.m. on May 25, 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 25_ 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, 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.
BY: 5 —.
wwv Scott A. Elleraas
Its Vice President
SCANNED
Member FDIC