LC Release Ltr e
Y 0 . CITY OF CHANHASSEN
H A Chanhassen is a Community for Life-Providing for Today and Planning for Tomorrow
August 26, 2021
Fifth Third Bank
6111 North River Road
3rd Floor, Trade Services
Rosemont, IL 60018
Re: Letter of Credit No. S507612
West Park 2nd Addition
Planning Case File No. 2017-12
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
Sharmeen Al-Jaff
Senior Planner
SAJ:jms
Enclosures
c: Kate Aanenson, Community Development Director
g:Aplan12017 planning cases\17-12 west park-pulte(klingelhutz)\final plat 2nd addition\lc 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
P
FIFTH THIRD BANK
LETTER OF CREDIT NO. S507612 PAGE 1
ISSUER:
FIFTH THIRD BANK
BENEFICIARY:
CITY OF CHANHASSEN
COMMUNITY DEVELOPMENT
7700 MARKET BLVD.
PO BOX 147
CHANHASSEN, MN 55317
APPLICANT:
PULTEGROUP INC. , ON BEHALF OF
PULTE HOMES OF MINNESOTA, LLC
7500 FLYING CLOUD DRIVE
STE 670
EDEN PRAIRIE, MN 55344
LETTER OF CREDIT NO: S507612
ISSUE DATE: MAY 14, 2018
EXPIRATION DATE: MAY 14, 2019
EXPIRATION PLACE: AT OUR COUNTERS
AMOUNT: 39,444 . 13 USD THIRTY NINE THOUSAND FOUR HUNDRED FORTY
FOUR 13/100
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO
S507612 IN YOUR FAVOR AT THE REQUEST OF AND FOR THE ACCOUNT OF
THE APPLICANT FOR AN AGGREGATE AMOUNT NOT TO EXCEED USD39,444.13
(THIRTY NINE THOUSAND FOUR HUNDRED FORTY FOUR AND 13/100 U.S.
DOLLARS) AVAILABLE TO YOU BY YOUR DRAFT(S) DRAWN AT SIGHT ON
FIFTH THIRD BANK.
THE DRAFT(S) MUST:
A) BEAR THE CLAUSE: "DRAWN UNDER FIFTH THIRD BANK LETTER OF
CREDIT NUMBER S507612, DATED MAY 14, 2018"
B) BE SIGNED BY AN AUTHORIZED OFFICER OF THE CITY OF CHANHASSEN
C) BE PRESENTED FOR PAYMENT AT FIFTH THIRD BANK, TRADE SERVICES,
222 S. RIVERSIDE PLAZA, 31ST FLOOR MD GRVR1A CHICAGO, IL 60606 ON
OR BEFORE 5: 00 P.M. CENTRAL STANDARD TIME ON MAY 14, 2019 UNLESS
EXTENDED AS PROVIDED BELOW.
WE ARE ADVISED BY THE APPLICANT THAT THIS LETTER OF CREDIT IS
ISSUED PURSUANT TO PROJECT NAMED WEST PARK 2ND ADDITION
DEVELOPMENT IMPROVEMENTS, CHANHASSEN, MN.
L
FIFTH THIRD BANK
LETTER OF CREDIT NO. S507612 PAGE 2
THIS LETTER OF CREDIT SHALL BE AUTOMATICALLY EXTENDED WITHOUT
AMENDMENT FOR SUCCESSIVE ONE (1) YEAR PERIODS UNLESS, AT LEAST
SIXTY (60) DAYS PRIOR TO THE THEN CURRENT EXPIRATION DATE, WE
SEND WRITTEN NOTICE TO THE CITY OF CHANHASSEN THAT WE ELECT NOT
TO EXTEND THIS LETTER OF CREDIT FOR AN ADDITIONAL PERIOD. WRITTEN
NOTICE IS EFFECTIVE IF SENT BY CERTIFIED MAIL RETURN RECEIPT
REQUESTED, OR OVERNIGHT COURIER SERVICE ADDRESSED AS FOLLOWS:
CITY OF CHANHASSEN, 7700 MARKET BLVD. , PO BOX 147, CHANHASSEN, MN
55317.
THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR
UNDERTAKING. SUCH UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED,
AMENDED OR AMPLIFIED BY REFERENCE TO ANY DOCUMENT OR INSTRUMENT
REFERRED TO HEREIN OR IN WHICH THIS LETTER OF CREDIT IS REFERRED
TO OR TO WHICH THIS LETTER OF CREDIT RELATES AND ANY SUCH
REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN BY REFERENCE
ANY DOCUMENT OR INSTRUMENT.
THIS LETTER OF CREDIT IS NOT TRANSFERABLE.
PARTIAL DRAWINGS ARE PERMITTED.
WE AGREE THAT DRAFT(S) DRAWN AND PRESENTED IN CONFORMITY WITH THE
TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON
PRESENTATION TO US ON OR BEFORE THE EXPIRATION DATE AT THE
FOLLOWING ADDRESS: FIFTH THIRD BANK, TRADE SERVICES, 222 S.
RIVERSIDE PLAZA, 31ST FLOOR MD GRVR1A CHICAGO, IL 60606.
THIS LETTER OF CREDIT SHALL BE GOVERNED BY THE UNIFORM CUSTOMS
AND PRACTICE FOR DOCUMENTARY CREDITS (2007 REVISION) ,
INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION 600 .
IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING
THIS TRANSACTION, PLEASE CALL 312-704-4144 OR 312-704-7318 .
(/2-7
AUTHORIZED SIGNAT UTH RIZED SIGNATURE
121
FIFTH THIRD BANK
July 9, 2019
Beneficiary:
CITY OF CHANHASSEN
COMMUNITY DEVELOPMENT
7700 MARKET BLVD.
PO BOX 147
CHANHASSEN, MN 55317
Applicant:
PULTEGROUP INC. , ON BEHALF OF
PULTE HOMES OF MINNESOTA, LLC
7500 FLYING CLOUD DRIVE
STE 670
EDEN PRAIRIE, MN 55344
Re: Standby Letter of Credit Number S507612
Fifth Third Bank, Trade Services Operations, will relocate to a NEW
ADDRESS effective July 9, 2019. Therefore, presentation of the
requisite documents under the above-referenced standby letter of
credit must be made to:
Fifth Third Bank
6111 North River Road
3rd Floor, Trade Services
Rosemont, IL 60018
Please update your records accordingly. If you have any questions
regarding this letter, please contact Trade Services Operations at
312-704-5943 .
Sincerely,
Fifth Third Bank
%IZ14/ L///( e'' '(1---2-
Aut rized Signer
Steckling, Jean
Subject: West Park 2nd Addition LOC - Pulte Homes
Start Date: Friday, October 4, 2019
Due Date: Friday, August 26, 2022
Status: Completed
Percent Complete: 100%
Date Completed: Thursday, August 26, 2021
Total Work: 0 hours
Actual Work: 0 hours
Owner: Steckling, Jean
Categories: Security
West Park 2nd Addition
LC#S507612 expires 5/14/19 from Fifth Third Bank (automatically renews)
$39,444.13 for landscape
*SEE SHARMEEN AL-JAFF FOR STATUS UPDATES
3/29/19 - Sharmeen, status? js
4/1/19 - Per Sharmeen, work hasn't started on the 2nd addn. yet; keep entire amount. Renew. js
7/19/19 - Sharmeen received a letter from Fifth Third Bank stating that they have relocated to a new address
(6111 North River Road, 3rd Floor, Trade Services, Rosemont, IL 60018). js
10/4/19 - Per Sharmeen, let auto-renew. Js
5/14/20—Sharmeen, status? Per Sharmeen, the landscaping at West Park is incomplete for both the 15t and
2"d Additions. Keep entire amount. 1s
5/13/21 — Per Jill, last October she inspected the landscape for 1st and 2nd. They had replaced 2 trees in the
1st addition earlier in the season. The 2nd addition was complete. After the inspection, she sent an email and
said everything was complete and the landscape escrow should be reduced to 10% and held for one year.
The landscaping is scheduled to be inspected in late summer rather than now. She did not look at the
stormwater pond(s). Set reminder for final landscaping inspection for August 1, 2021. js
8/3/21—Sharmeen /Jill, status? Per Sharmeen, hold until trees are replaced. Check back in one year. Js
8/26/21 — Per Sharmeen, OK to release LC. js
i