LC Release Letter 10-4-19 0
A N CITY OF CHANIIASSEN
H A S Chanhassen is a Community for Life-Providing for Today and Planning for Tomorrow
October 4, 2019
Tradition Capital Bank
7601 France Avenue S.
Suite 140
Edina, MN 55435
Re: Letter of Credit No. 1090
Chanhassen Specialty Retail (Total Wine) Site Plan
Planning Case File No. 2015-17
Enclosed please find the above-referenced original letter of credit for your files. This letter is no
longer needed and can be cancelled. If you have any questions, please contact me at 952-227-
1134.
Sincerely,
CITY OF CHANHASSEN ..—•----
• j
e
Sharmeen Al-Jaff
Senior Planner
SAJ:jms
Enclosures
c: Kate Aanenson, Community Development Director
g:\plan\2015 planning cases\2015-17 chanhassen specialty retail-total wine\Ic release letter.docx
PH 952.227.1100 • www.ci.chanhassen.mn.us • FX 952.227.1110
7700 MARKET BOULEVARD • PO BOX 147 •CHANHASSEN • MINNESOTA 55317
TRADITION
CAPITAL BANK IRREVOCABLE LETTER OF CREDIT
No. 1090
Date: September 8,2015
TO: City of Chanhassen
7700 Market Boulevard,Box 147
Chanhassen,Minnesota 55317
Dear Sir or Madam:
We hereby issue, for the account of Pond Promenade Ventures, LLC and in your favor, our
Irrevocable Letter of Credit in the amount of$40,000, 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. 1090, dated September 8, 2015, of Tradition
Capital Bank.
b)Be signed by the Mayor or City Manager of the City of Chanhassen.
c)Be presented for payment at 7601 France Ave. S, Suite 140,Edina,MN 55435,on or before 4:00
p.m.on November 30,2016.
d)Be presented with an executed statement by the Mayor or City Manager of the City of Chanhassen,
certifying that Pond Promenade Ventures, LLC has defaulted under the City of Chanhassen Site
Plan Agreement#2015-17 or Chanhassen Specialty Retail Special Provisions dated July 27,2015.
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 November 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 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: Cgt-cda— ' ' i 40,
Its 5 VP
SCANNED