LC 7299 Release Letter 12-11-19 � z
� w
CITYOFCHANIIASSEN
N H ASS Chanhassen is a Community for Life-Providing for Today and Planning for Tomorrow
December 11, 2019
Mr. Scott Elleraas
First Minnetonka City Bank
14550 Excelsior Boulevard
Minnetonka, MN 55345
Re: Letter of Credit No. 7299
Beehive Homes 2nd Addition Site Plan
Planning Case File No. 2015-10
Dear Mr. Elleraas:
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
10P .111111W‘
Sharmeen Al-Jaff
Senior Planner
SAJ:jms
Enclosures
c: Kate Aanenson, Community Development Director
g:\plan\2015 planning cases Q015-10 beehive expansion\lc 7299 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
IRREVOCABLE LETTER OF CREDIT
FIRST MINNETONKA
GLEN LAKE CITY BANK
14550 Excelsior Blvd.
Minnetonka, MN 55345
952.935.8663 No.7299
fax 952.935.4957 Date: September 21,2015
COUNTRY VILLAGE TO: City of Chanhassen
11500 Highway 7 7700 Market Boulevard,Box 147
Minnetonka, MN 55305 Chanhassen,Minnesota 55317
952.935.5995
fax 952.935.1611 Dear Sir or Madam:
We hereby issue, for the account of Stevens Investments, LLC and in your favor, our
www.fmcbank.com Irrevocable Letter of Credit in the amount of$158,238.54 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.7299,dated September 21, 2015, 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 September 21,2016.
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 September 21st 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.
BPoriftworeirompea
:
Its Vice President
SCANNED
Member FDIC
From: Scott Elleraas
Sent: Monday, December 10, 2018 10:24 AM
To:Al-Jaff, Sharmeen<SAI-Jaff@ci.chanhassen.mn.us>
Cc:Tyler Stevens<tvler.stevens@beehivemn.com>
Subject: RE: Reduction in Letter of Credit no. 7299. Stevens Investments
Hi Sharmeen,
Please accept this email as written confirmation of the letter you sent December 6, 2018 reducing the
above referenced Letter of Credit to$39,158.02. Is it possible for you to send me the list of items
outstanding and the amounts being held by the city of Chanhassen as security for Planning Case No.
2015-10.
Thank You,
Scott
Scott A. ELLeoas
Vice President
First Minnetonka City Bank
14550 Excelsior Blvd.
Minnetonka, MN 55345
952-465-0301 (direct)
952-935-8663 (main)
952-484-2635 (cell)
irourearearquotor
FIRST MINNETONKA
CITY BANK
FIRST MINNETONKA
GLEN LAKE CITY BANK
14550 Excelsior Blvd.
Minnetonka, MN 55345
952.935.8663 November 7, 2016
fax 952.935.4957
COUNTRY VILLAGE
11500 Highway 7
Minnetonka, MN 55305
952.935.5995
fax 952.935.1611 Sharmeen Al-Jaff, Senior Planner
City of Chanhassen
www.fmcbank.com 7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
RE: Letter of Credit No. 7299
Stevens Investments, LLC
Dear Ms. Al-Jaff:
I have received your letter dated November 2, 2016 authorizing the reduction of our
Letter of Credit No. 7299 in favor of the city of Chanhassen from $158,238.54 to
$141,738.56. The original terms, conditions and expiration date will remain the same.
Sincerely,
.Alid/c /
Scott A. Elleraas
Vice President
CC: Tyler Stevens, Stevens Investments, LLC
Enclosures
Member FDIC