Letter of Credit Release Letter 11-06-2015CITY OF
CHANAASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone: 952.227.1100
Fax: 952.227.1110
Building Inspections
Phone: 952.227.1180
Fax: 952.227.1190
Engineering
Phone: 952.227.1160
Fax: 952.227.1170
Finance
Phone: 952.227.1140
Fax: 952.227.1110
Park & Recreation
Phone: 952.227.1120
Fax: 952.227.1110
Recreation Center
2310 Coulter Boulevard
Phone: 952.227.1400
Fax: 952.227.1404
Planning &
Natural Resources
Phone: 952.227.1130
Fax: 952.227.1110
Public Works
7901 Park Place
Phone: 952.227.1300
Fax: 952.227.1310
Senior Center
Phone: 952.227.1125
Fax: 952.227.1110
Website
wwwoi.chan hassen. mn. us
November 6, 2015
Scott A. Elleraas
Vice President
First Minnetonka City Bank
14550 Excelsior Blvd.
Minnetonka, MN 55345
Re: Primrose School of Chanhassen/MEP2, LLC
Letter of Credit No. 7295
Site Plan Agreement 2012-02
Dear Mr. Elleraas:
The above -referenced project has been completed in general conformance with
the approved site plan agreement. Enclosed please find your original letter of
credit. We are now closing our files on this project.
Sincerely,
CITY OF CHANHASSEN
\n J
v
Sharmeen Al-Jaff
Senior Planner
SAJ:ktm
Enclosure: Letter of Credit No. 7295
c: Benjamin Adams, MEP2, LLC
g:\plan\2012 planning casm\2012-02 primrose schooNc release letter 11-06-2015.docx
Chanhassen is a Community for Life - Providing forTodayand Planning forTomorrow
GLEN LAKE
14550 Excelsior Blvd.
Minnetonka, MN SS345
952.935.8663
fax 952.935.4957
COUNTRY VILLAGE
I IS00 Highway 7
Minnetonka, MN 55305
952.935.5995
fax 9S2.93S. 1611
www.fmcbank.com
Member FDIC
IRREVOCABLE LETTER OF CREDIT
FIRST MINNETONKA
CITY BANK
No. 7295
Date: May 25, 2012
TO: City of Chanhassen
7700 Market Boulevard, Box 147
Chanhassen, Minnesota 55317
Dear Sir or Madam:
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
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
Scott A. Elleraas
Its Vice President
SCANNED