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Letter of Credit Return Letter 9-13-06 CITY OF CHANHASSEN 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 1591 Park Road Phone: 952.227.1300 Fax: 952.227.1310 Senior Center Phone: 952.227.1125 Fax: 952.227.1110 Web Site www.ci.chanhassen.mn.us September 13, 2006 Ms. Deb Borman The Business Bank 11100 Wayzata Boulevard Suite 150 Minnetonka, MN 55305-5530 Re: Letter of Credit 1024 - Century Plaza Building "C" Planning Case No. 04-25 Dear Ms. Borman: Enclosed is Letter of Credit No. 1024 along with Amendment Number 1. I have inspected the landscaping on the referenced project and have found it to be acceptable; therefore, I am returning the letter of credit. If you have any questions or.concems, please contact me by email at isinclair@cLchanhassen.mn.u's or at 952-227-1133. Sincerely, CITY OF CHANHASSEN ~~\ ~w1 ait Jill Sinclair Environmental Resources Coordinator JS:ktm ec: Sharmeen AI-Jaff, Senior Planner g:\plan\2004 planning cases\04-25 - century plaza lot c - edina realty building\lc release letter.doc The City of Chanhassen · A growing community with clean lakes, quality schools, a charming downtown, thriving businesses, winding trails, and beautiful parks. A great place to live, work, and play. Bfi~~ne.~ L ,'. ,/ '. ...', ,..~..... .-----:- .' ~ ................. RECEIVED ' SEP 2' 7 2004 GiTY OFCHANHASSEN AMOUNT:~$36,300.00. U.S. Funds: Minnetonka; MN September 24, 2004 IRREVOCABLE COMMERCIAL STANDBY LETTER OF CREDIT NO. 1024 Date: September 24, 2004 ,To: City ofChanhassen Attn: Ms. Sharmeen AI-Jaff, 7700 Market Boulevard, Box 147 Chanhassen, MN 55317 Re: Account Party: A..lshouse Properties, LLC Re: Construction ofa 15,000 square-foot multi tenant building located at Lot 1, Block 4, Vasserman Ridge (the "Project") The Business Bank hereby issues to The City ofChanhassen its Irrevocable Commercial Standby Letter of Credit # 1024 drawable upon The Business Bank from time to time hereafter for up to an aggregate amount of$36,300.00.00 USD (Thirty Six Thousand Three Hundred and no/IOO U.S. 'Dollars) for the account of Alshouse Properties, LLC. Funds under this Letter of Credit are available to you against oIle or more sight drafts drawn on us stating on their face, "Drawn under Letter of Credit No.1 024 dated September 24,2004 issued by 'The Business Bank" accompanied by the following documents: ' 1. A certificate signed by the Mayor or City Manager of the City of Chanhassen stating: (i) "Weare drawing against Standby Letter of Credit No. 1024 as Alshouse , Properties, LLC has failed to complete the Grading and/or the Erosion Gontrol improvements as required by the terms of the Site Plan Permit #2004-25" Century Plaza Building' "C'?, Special Provisions dated August 23,2004 between the City of Chanhassen and Alshouse Properties, LLC regarding Landscaping and Erosion Control. The City is entitled to the umeleased portion of this StaIldby Letter of Credit to be used to complete said , improvements, (ii) provide the Bank with a written letter on The City of 11100 Wayzata Boulevard, Suite 150. Minnetonka; MN 55305-5530. (952) 847.1100 · Fax (952) 847.9016 1 Chanhassen letterhead statingwhatthe d(~fault(s) is/are, (iii) written verification that atleast15 days have passed in which AlshouseProperties, LLC has failed to cure such default(s), and (iv) amounts drawn will be used by The City of Chanhassen for those purposes. 2: A fully executed copy of the City ofChanhasseri Site Plan Permit #2004-25, Century Plaza Building "C" Agreement including all appropriate Exhibits dated August 24, 2004'by and betw~en the City of Chanhassen and Alshouse Properties, LLC. ' ' 3. This original Letter of Credit for endorsement, reflecting the amount drawn, after which, if not for the full 'amount, will be ret!lrned to The Business Banle This Letter of Credit shall, automatically renew for successive one':'year terms unless, at ' leastforty- five (45) days priorto the next annual renewal. date (which shall be Nov~mber 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 #1024. 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,7700Market Boulevard, Chanhassen, MN55317, and is actually received by the City Manager at least thirty (30) days prior to ' the renewal date. Presentation of such drafts and certificates shall be made atthe counters of The Business Bank by no later than'2:00 P.M. on or before November 30,2005. This Letter of Credit sets forth in full our full 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. Each drawing honored by the Bankhereunder shall further reduce the amount available under the Letter of Credit. This is not a Notation letter of Credit. More than one draw may be made under this Letter of Credit. Documents to be directed to The Business Bank, 11100 Wayzata Boulevard, Suite-ISO, Minnetonlca,MN 55305. This Letter of Credit shall be governed by the laws of the State of Minnesota and supplemented (to the extent consistent with this Letter of Credit)by the most recent reVision of the Uniform Customs and Practices'for Documentary Credits (1993 revision) International Chamber of Commerce Publication No. 500: ,2 We hereby engage with drawers and/or bona. fide holders that adraft draWn and negotiated inconformity with the terms ofthisLetterofCredit will be duly honored upon presentation. The Business Bank is not to becalled upon to resolve issues oflaw or fact between Alshouse Properties, LLC and the City of Chanhassen, MN. . , THE BUSINESS BANK . By:6>Ji;)O..~ Its: Senior Vice President 3 ".' " Bftsme~ c >'.;.,.-,..~B~.k , ................ ~_~r<",. P-D . -ft] t'~.l ~, ' . ~. J ~J ." '(\~' " ,if -'...:o~: OCl12 2005 <e~lY Of Ll ".,..r~IASSEN . AMOUNT: $3,630.00 US FUNDS: Minnetonka, MN DATED: October 10,2005 IRREVOCABLE COMMERCIAL STANDBY LETTER OF CREDIT NO.1 024 City of Chanhassen Attn: Jill Sinclair 7700 Market Blvd Chanhassen, MN 55317 Re: Alshouse Properties, LLC Century Plaza Building "C" . Planning Case No. 04-25 AMENDMENT NUMBER 1 We refer to .the Commercial Letter of Credit No. 1024 dated September 24, 2004. The amount ofthe letter of credit has beenreduced from $36,300.00 to $3,630.00artdthe maturity date has been extended to November 30,2006. All other termsahd conditions of the original' Commercial Lett(3r of Credit dated . . September 24,2004 remain unchanged. . LENDER: The Business Bank By: (?Jiv CL ~lf Peter A. Reichardt Its: Senior Vice President 11100 Wayzata Boulevard; Suite 150 . Minnetonka, MN 55305-5530 (952) 847.1100 · Fax (952)847.9016 Status Report 11/1106 plan.OR2 UIV "UUlJ ::; M T W T F tS d ':r;"3' ...4....5.... 6' ""7"l"e' '!Fi.ti"Tf"12"13""i'4"t15 i'6'rt"i"e"19"20"2i"'f22 23'.'24"25"26 "27"2e"29 30..3i"'.....................T... August 2000 IS M T W T F IS 1 2 3 4 15 N:l~::~e~::~9~::~nm~ 20"21"22"23"24"25[26 g7.:g~::g9.::~~::~L::::::::: e tel11ber 2000 M T W T F 1 112 '3';' .4.... 5 ....6 ....] .... e'l9' i"0"n"12"i'3"14"15H6 l]"le" 19"20"2 1"22[23 24"25"26"27" 2e" 29 '[30 ...................................~.... ?:;t Securities (Start Dile 1111106 11130/06 S ItI p CategorY Description LC #1024 expires 11/30/06* Century Plaza Building "C" (Edina Realty Building) Site Plan Permit No. 2004-25 Lot I, Block 4, Vasserman Ridge $3,630 (originally $36,300) Erosion Control & Landscaping *LC automatically renews for successive one-year terms on November 30. Notify Sharmeen AI-Jaff 9/30/05 - Sharmeen, status? Kim 10/4105 - Per Sharmeen, Jill is working on this. Check back with Jill on 10/17/05. Kim 10/6/05 - Jill sent letter to bank authorizing reduction by $32,670 to leave a balance of $3,630 (10%). Waiting for confirmation of reduction from bank. Kim 10/12105 - Received Amendment No. I reducing LC to $3,630 and extending expiration date to 11130/06. Kim 9/13/06 - Per Jill the landscaping is satisfactory and the letter of credit can be released. Letter of credit mailed 9/13/06. Activity Closed. Kim Cl2006 Lotus Development Corp. 9113/06 at 12:01 PM S=Slatus P=Priority Page 1 Meuwissen, Kim From: Sinclair, Jill Sent: Wednesday, September 13, 2006 11 :36 AM To: Meuwissen, Kim Subject: Edina Realty Bldg Kim, All of the landscaping at the Edina Realty bldg. is satisfactory. The remaining 10% can be released. Thanks. Jill Sinclair Environmental Resources Specialist City of Chanhassen 952\227.1133 9/13/2006