HomeMy WebLinkAbout2016-11-15 HRA Regular MeetingAgenda
Housing and Redevelopment Authority Meeting
City of Edina, Minnesota
Edina City Hall Council Chambers
Tuesday, November 15, 2016
7:00 PM
I.Call to Order
II.Roll Call
III.Approval of Meeting Agenda
IV.Adoption of Consent Agenda
All agenda items listed on the consent agenda are considered routine and will
be enacted by one motion. There will be no separate discussion of such items
unless requested to be removed from the Consent Agenda by a
Commissioner of the HRA. In such cases the item will be removed from the
Consent Agenda and considered immediately following the adoption of the
Consent Agenda. (Favorable rollcall vote of majority of HRA Commissioners
present to approve.)
A.Approve Minutes of October 18, 2016 Work Session and October 19, 2016
Regular Meeting
V.Cost Sharing Agreement - 4500 Valley View Road
VI.Adjournment
The Edina Housing and Redevelopment Authority wants all participants to be
comfortable being part of the public process. If you need assistance in the way of
hearing ampli4cation, an interpreter, large-print documents or something else,
please call 952-927-8861 72 hours in advance of the meeting.
Date: November 15, 2016 Agenda Item #: IV.A.
To:Chair & Commissioners of the Edina HRA Item Type:
Minutes
From:Debra A. Mangen, City Clerk
Item Activity:
Subject:Approve Minutes of October 18, 2016 Work Session
and October 19, 2016 Regular Meeting
Action
Edina Housing and Redevelopment
Authority
Established 1974
CITY OF EDINA
HOUSING & REDEVELOPMENT AUTHORITY
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
ACTION REQUESTED:
Approve minutes as presented.
INTRODUCTION:
ATTACHMENTS:
Description
October 18, 2016 Work Session Minutes
October 19, 2016 Regular HRA Meeting
Page 1
MINUTES
OF THE EDINA HOUSING AND REDEVELOPMENT AUTHORITY
OCTOBER 18, 2016
5:30 P.M.
I. CALL TO ORDER
Chair Hovland called the HRA meeting to order at 5:30 p.m.
II. ROLLCALL
Answering rollcall were Commissioners Brindle, Staunton, Stewart, Swenson and Chair
Hovland.
Edina City Staff attending the meeting: Kelly Dumais, City Management Fellow; Debra Mangen,
City Clerk; Chad Millner, Engineering Director, Scott Neal, City Manager; Bill Neuendorf,
Economic Development Manager; Lisa Schaefer, Assistant City Manager., and Cary Teague,
Community Development Director.
III. MOTION TO CLOSE MEETING
Commissioner Swenson made a motion to close the work session of the Edina HRA as
permitted by MS.13D.05 subdivision 3(c) to consider the potential purchase of the
property located at 5220 Eden Avenue and the possible sale of 2930 West 49 ½
Street and 4416 Valley View Road. Commissioner Brindle seconded the motion.
Ayes: Brindle, Staunton, Stewart, Swenson and Chair Hovland.
Motion carried.
IV. POSSIBLE PURCHASE OF REAL ESTATE LOCATED AT 5220 EDEN AVENUE
Economic Development Manager Neuendorf reviewed the possible purchase of the property at
5220 Eden Avenue. The HRA discussed the matter and gave staff direction.
V. POTENTIAL SALE OF REAL ESTATE – 3930 WEST 49-1/2 STREET
Mr. Neuendorf reviewed the possible sale of the property at 3930 West 49-1/2 Street. The
HRA discussed the matter and gave staff direction.
VI. POTENTIAL SALE OF REAL ESTATE – 4416 VALLLEY VIEW ROAD
Mr. Neuendorf reviewed the possible sale of the property at 4416 Valley View Road. The
HRA discussed the matter and gave staff direction.
Motion by Commissioner Stewart seconded by Commissioner Swenson to move back
into open session.
Ayes: Brindle, Staunton, Stewart, Swenson and Chair Hovland.
Motion carried.
VII. ADJOURNMENT
Chair Hovland declared the meeting adjourned at 6:21 p.m.
Minutes/HRA/July 19, 2016
Page 2
Respectfully submitted,
Scott Neal, Executive Director
Page 1
MINUTES
OF THE EDINA HOUSING AND REDEVELOPMENT AUTHORITY
OCTOBER 19, 2016
12:04 A.M.
I. CALL TO ORDER
Chair Hovland called the HRA meeting to order at 12:04 A.M.
II. ROLLCALL
Answering rollcall were Commissioners Brindle, Staunton, Stewart, Swenson and Chair Hovland.
III. APPROVAL OF MEETING AGENDA
Motion made by Commissioner Stewart, seconded by Commissioner Brindle approving
the Meeting Agenda.
Ayes: Brindle, Staunton, Stewart, Swenson, Hovland
Motion carried.
IV. CONSENT AGENDA ADOPTED
Commissioner Brindle seconded by Commissioner Swenson approving the consent agenda
as follows:
IV.A. Approve minutes of September 20, 2016 HRA Work Session and September
20, 2016 Regular HRA Meeting
IV.B Approve the Request for Purchase: Professional Services Agreement – 7001 York
Avenue Community Engagement and Preliminary Site Planning.
IV.C Approve the proposed calendar of meetings noting that the Edina HRA will have a
work session on the third Tuesday of each month unless specifically moved due to
a holiday or day of religious observe. The HRA will meet as needed immediately
following regularly scheduled City Council meetings.
Ayes: Brindle, Staunton, Stewart, Swenson, Hovland
Motion carried.
VI. ADJOURNMENT
Chair Hovland declared the meeting adjourned at 12:05 A.M., October 19, 2016
Respectfully submitted,
Scott Neal, Executive Director
Date: November 15, 2016 Agenda Item #: V.
To:Chair & Commissioners of the Edina HRA Item Type:
Report / Recommendation
From:Bill Neuendorf, Economic Development Manager
Item Activity:
Subject:Cost Sharing Agreement - 4500 Valley View Road Action
Edina Housing and Redevelopment
Authority
Established 1974
CITY OF EDINA
HOUSING & REDEVELOPMENT AUTHORITY
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
ACTION REQUESTED:
Approve the Cost Sharing Agreement to facilitate construction of a new full service restaurant.
INTRODUCTION:
This item commits funds from the Centennial Lakes Tax Increment Financing (TIF) District to fund public
improvements at the intersection of Wooddale and Valley View.
ATTACHMENTS:
Description
Staff Report: THS Cost Sharing
THS Performance Agreement
November 15, 2016
Chair and Members of the Edina Housing and Redevelopment Authority
Bill Neuendorf, Economic Development Manager
Town Hall Station – Cost Sharing Agreement
Information / Background:
The site at 4500 Valley View Road has been vacant for two years since Wally’s Service
Station closed in September 2014. It has been very challenging for the long-term property
owners to find a suitable tenant that can re-use the existing structure and create a
successful and desirable amenity for the neighborhood.
The property has recently been rezoned and approved for the construction of Town Hall
Station – a neighborhood oriented restaurant. The property owners and business tenant
agreed to incorporate new public improvements if the City can fund the costs of the work
located within public right-of-way and easements.
The attached Agreement will allow the tenant, Town Hall Station, to construct the public
improvements and be reimbursed upon completion. Both the City of Edina and the Edina
Housing and Redevelopment Authority will be party to this Agreement.
Staff expects that scheduling efficiencies will be achieved by having only one contractor on
site at a cost equal to or less than that incurred if the City were to contract for the same
work separately. The City’s engineering staff has reviewed the costs and found them to be
consistent with unit costs typically incurred by the City for this type of work.
The work is anticipated to begin in late 2016 and be completed in early summer 2017. The
tenant will be reimbursed for actual costs incurred, not to exceed $57,732.00.
Housing and Redevelopment Authority
Established 1974
STAFF REPORT Page 2
Existing incremental taxes are anticipated to be used to reimburse the tenant for the cost of
these public improvements. This is an acceptable use of funds collected in the Centennial
Lakes Tax Increment Financing District, according to applicable Minnesota Statutes.
Staff recommends approval of this Cost-Sharing Agreement.
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(reserved for recording information)
SITE IMPROVEMENT
PERFORMANCE AGREEMENT
TOWN HALL STATION
THIS SITE IMPROVEMENT PERFORMANCE AGREEMENT (“Agreement”) is made by and
between the CITY OF EDINA, a Minnesota municipal corporation (“City”); the CITY OF EDINA
HOUSING AND REDEVELOPMENT AUTHORITY, a Minnesota municipal corporation (“Edina
HRA”); FREDERICK M. ALLIS, a single person, and JAMES. R. ALLIS, a single person (together
“Owners”); and TOWN HALL STATION, LLC, a Minnesota limited liability company (“Tenant”).
1. BACKGROUND.
A. Tenant and Owners have asked the City to approve a rezoning and redevelopment
for the former Wally’s Service Station building located at 4500 Valley View Road (“Gas Station
Parcel”), which is part of a 4-parcel shopping center legally described on the attached Exhibit “A”
(hereinafter, collectively “Property”).
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B. The City has approved the request via Resolution 2016-89 on October 5, 2016,
subject to the completion of a cost-sharing agreement for the addition of certain public
improvements.
2. PUBLIC IMPROVEMENTS. While the Tenant is responsible for the overall
improvements proposed for the site, the scope of this Agreement is limited to the Public Improvements
described below. The Tenant shall construct, at its own expense, the following (hereinafter, collectively
“Public Improvements”):
A. The 6 foot wide public sidewalk located in the public right of way and in the public
easement, including portions of retaining walls to transition the public sidewalk to the adjacent
grade.
B. Removal and replacement of curb, curb cuts and tactile pedestrian ramps associated
with the public sidewalk.
C. The removal of existing curb cuts that formerly provided vehicle access into the
Gas Station Parcel and replacement with new curb that directs vehicle traffic into the remaining
curb cuts that serve the adjacent shopping center.
D. Public plaza, approximately 600 square feet at intersection of Wooddale and Valley
View constructed with stamped concrete walking surface, arched Fond du Lac stone seating wall
with cap and raised planting bed.
E. Concrete pad for placement of Metro Transit bus stop bench (existing bench to be
re-used).
F. Public seating area at northeast corner, approximately 75 square feet constructed
with stamped concrete walking surface and arched Fond du Lac stone seating wall with cap.
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3. TENANT CONSTRUCTED IMPROVEMENT. Public Improvements constructed by
the Tenant shall be installed in accordance with plans approved by the City in Resolution 2016-89 on
October 5, 2016, and in accordance with all applicable City ordinances, regulations and policies. The
Tenant shall submit plans and specifications which have been prepared by a competent registered
professional engineer to the City for approval by the City Engineer. The Tenant shall instruct its engineer
and/or contractor to provide adequate field inspection personnel to assure an acceptable level of quality
control to the extent that the Tenant’s engineer will be able to certify that the construction work meets the
approved City standards as a condition of City acceptance. The Tenant, its contractors and subcontractors,
shall follow all reasonable instructions received from the City's inspectors and engineers. The Tenant’s
engineer and/or contractor shall provide for on-site project management. The Tenant’s engineer is
responsible for design changes and contract administration between the Tenant and the Tenant’s contractor.
The Tenant or his engineer or contractor shall schedule pre-construction meetings as necessary to coordinate
the work and to allow the City to review the program for the construction work.
All labor and work shall be done and performed in good and workmanlike manner and in
strict conformance with the approved plans and specifications. No material deviations from the approved
plans and specifications will be permitted unless approved in writing by the City. The Tenant shall not do
any work or furnish any materials not covered by the plans and specifications and special conditions of this
Agreement unless such work is first ordered or agreed to in writing by the City Engineer. The Tenant shall
obtain or require its contractors and subcontractors to obtain all necessary permits before beginning the
work.
4. PUBLIC EASEMENT. The Owners shall execute an easement for public sidewalk and
plaza purposes (“Easement”) over that area described and shown in Exhibit “B” and in a form attached as
Exhibit “C”, with all appropriate consents by encumbrances, contemporaneous with this Agreement. The
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total area of the public easement shall be approximately 1,878 square feet.
5. LICENSE. Tenant and Owners hereby grant the City, its agents, employees, officers and
contractors a license to enter the Property to perform all work and inspections deemed appropriate by the
City in conjunction with site development.
6. STREET MAINTENANCE DURING CONSTRUCTION. The Tenant shall be
responsible for keeping streets within and adjacent to the Property clean of dirt and debris that may spill,
track, or wash onto the street from Tenant’s operation during the construction of the improvements.
7. TIME OF PERFORMANCE. The Tenant shall diligently complete the work required
under this Agreement and, except for delays caused by Acts of God, as further defined herein, the Tenant
shall complete the work by June 30th, 2017. An Act of God is an unusual, extraordinary and sudden
manifestation of an event that could not under normal circumstances have been anticipated or expected.
Ordinary weather conditions of normal intensity for the locality shall not be considered as an Act of God.
The Tenant may, however, request a 3 month extension of time from the City. If an extension is granted, it
shall be conditioned upon updating any security required to be posted by the Tenant to reflect cost increases
and the extended completion date. Final wear course placement outside of this time frame must have the
written approval of the City Engineer.
8. OWNERSHIP OF PUBLIC IMPROVEMENTS. Upon completion of the work under
this Agreement and acceptance of the Public Improvements by the City, the Public Improvements shall
become City property without further notice or action.
9. PAYMENT OF COSTS.
A. Following the completion of the Public Improvements and acceptance by the City, the
Edina HRA will reimburse the Tenant for the Costs of the Public Improvements in accordance with
the cost-sharing plan shown in Exhibit “D”. For purposes of this paragraph “Costs” means
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commercially reasonable and itemized out-of-pocket costs paid to third parties, including pro-rated
allocations of contractor overhead & profit, general conditions, and insurance (not to exceed 15% of
the reimbursable costs described above). “Costs” do not include: (1) in-house costs of the Tenant
including, its employees and equipment, (2) payment to any entity in which the Tenant, or anyone
who has an ownership interest in the Tenant, has an ownership interest, or (3) Tenant or contractor
mark-up of actual costs. The Tenant must provide the Edina HRA itemized paid invoices and lien
waivers before the Tenant will be reimbursed. The Edina HRA shall pay in full all bills properly
submitted to it by the Tenant for obligations incurred under this Agreement within thirty (30) days
after receipt.
B. The Tenant and Owners shall hold the City and the Edina HRA and their officers,
employees, and agents harmless from claims made by itself and third parties for damages sustained
or costs incurred resulting from work performed pursuant to this Agreement, unless those damages
are the direct result of negligence on the part of the City or the Edina HRA. The Tenant and Owners
shall indemnify the City and the Edina HRA and their officers, employees, and agents for all costs,
damages, or expenses which the City and the Edina HRA may pay or incur in consequence of such
claims, including attorneys' fees.
C. In case of default or non-performance, the Tenant and Owners shall reimburse the
City and the Edina HRA for costs incurred in the enforcement of this Contract, including reasonable
engineering and attorneys' fees.
10. MISCELLANEOUS.
A. The Tenant’s obligation hereunder shall continue in full force and effect even if the
Tenant and/or Owners sells, assigns, transfers or conveys one or more lots, the entire plat, or any
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part of it. The Tenant shall notify the City when it sells, assigns, conveys or transfers any of its
rights, title or interest in the site prior to the fulfillment or termination of this Agreement.
B. Tenant shall take out and maintain or cause to be taken out and maintained until six
(6) months after the City has accepted the Public Improvements, commercial liability and property
damage insurance covering personal injury, including death, and claims for property damage which
may arise out of Tenant’s work or the work of its subcontractors or by one directly or indirectly
employed by any of them in the performance of this Agreement. Limits for bodily injury and death
shall be not less than $1,500,000 for one person and $2,000,000 for each occurrence; limits for
property damage shall be not less than $1,500,000 for each occurrence. The City and the Edina HRA
shall both be named as additional insured on the policy on a primary and noncontributory basis, and
the Tenant shall file with the City a certificate evidencing coverage prior to release of the site plan
agreement for recording.
C. Third parties shall have no recourse against the City or Edina HRA under this
Agreement.
D. If any portion, section, subsection, sentence, clause, paragraph, or phrase of this
Agreement is for any reason held invalid, such decision shall not affect the validity of the remaining
portion of this Agreement.
E. The action or inaction of the City or Edina HRA shall not constitute a waiver or
amendment to the provisions of this Agreement. To be binding, amendments or waivers shall be in
writing and signed by the parties. The City’s or Edina HRA’s failure to promptly take legal action to
enforce this Agreement shall not be a waiver or release.
F. This Agreement shall run with the land and may be recorded against the title to the
Property. In the event this Agreement is recorded, the City and the Edina HRA covenant to provide a
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recordable Certificate of Completion promptly upon the completion of the work required herein. The
Owners covenants with the City and its successors and assigns, that the Owners have fee title to the
Property and/or has obtained consents to this Agreement, in the form attached hereto, from all
parties who have an interest in the Property; that there are no unrecorded interests in the Property;
and that the Owners will indemnify and hold the City and the Edina HRA harmless for any breach of
the foregoing covenants.
G. Each right, power or remedy herein conferred upon the City is cumulative and in
addition to every other right, power or remedy, express or implied, now or hereafter arising,
available to the City , at law or in equity, or under any other agreement, and each and every right,
power and remedy herein set forth or otherwise so existing may be exercised from time to time as
often and in such order as may be deemed expedient by the City and shall not be a waiver of the
right to exercise at any time thereafter any other right, power or remedy.
11. TENANT’S DEFAULT. In the event of default by the Tenant as to any of the work to be
performed by it hereunder, the City may, at its option, enter onto the Property and complete the Public
Improvements. This Agreement is a license for the City to act, and it shall not be necessary for the City to
seek a Court order for permission to enter the Property.
12. WARRANTY. The Tenant warrants all Public Improvements required to be constructed by
it pursuant to this Agreement against poor material and faulty workmanship. The Tenant shall submit either
a warranty/maintenance bond for 100% of the cost of the Public Improvements, or a letter of credit for
twenty-five percent (25%) of the amount of the original cost of these Public Improvements. The required
warranty period for all Public Improvements, including concrete curb and gutter, sidewalks, landscaping,
trees and perennial plantings, materials and equipment shall be one (1) year from the date of final written
acceptance.
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13. NOTICES. For purposes of this Agreement, the following individuals shall serve as the
contacts for each party and notices to be provided under this Agreement shall be provided at the following
addresses:
CITY: City of Edina
Attn: City Manager
Edina City Hall
4801 West 50th Street
Edina, Minnesota 55424-1330
EDINA HRA: Edina Housing and Redevelopment Authority
Attention: Executive Director
Edina City Hall
4801 West 50th Street
Edina, Minnesota 55424-1330
OWNERS: Frederick M. Allis
10005 Dell Road
Eden Prairie, Minnesota 55437
TENANT: Town Hall Station, LLC
c/o Town Hall Brewery
1430 Washington Avenue South
Minneapolis, Minnesota 55454
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their proper
officers on their behalf, pursuant to resolutions duly executed by their respective governing bodies. This
Agreement is duly executed and effective on the last date written below.
CITY OF EDINA
Date: _____________________ By: _______________________________________
James Hovland, Mayor
Date: _____________________ And: _______________________________________
Scott Neal, City Manager
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SIGNATURE PAGE FOR SITE IMPROVEMENT PERFORMANCE AGREEMENT – TOWN HALL STATION
CITY OF EDINA HOUSING
AND REDEVELOPMENT AUTHORITY
Date: _____________________ By: ______________________________________
James Hovland, Chair
Date: _____________________ And: _____________________________________
Ann Swenson, Secretary
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SIGNATURE PAGE FOR SITE IMPROVEMENT PERFORMANCE AGREEMENT – TOWN HALL STATION
TOWN HALL STATION, LLC
Date: _____________________ By:
Peter Rifakes, President
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SIGNATURE PAGE FOR SITE IMPROVEMENT PERFORMANCE AGREEMENT – TOWN HALL STATION
OWNERS
Date: _____________________ By:
Frederick M. Allis
Date: _____________________ And:
James. R. Allis
THIS INSTRUMENT WAS DRAFTED BY:
CAMPBELL KNUTSON
Professional Association
Grand Oak Office Center I
860 Blue Gentian Road, Suite 210
Eagan, Minnesota 55121
Telephone: 651-452-5000
Exhibit “A”
to Site Improvement Performance Agreement
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Exhibit “B”
to Site Improvement Performance Agreement
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Exhibit “C”
to Site Improvement Performance Agreement
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GRANT OF PERMANENT EASEMENT
FREDERICK M. ALLIS, a single person, and J. R. ALLIS, a single person, hereinafter referred to together as
“Grantor”, in consideration of One Dollar ($1.00) and other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, does hereby grant unto the CITY OF EDINA, a municipal corporation organized under the laws of the State
of Minnesota, the Grantee, hereinafter referred to as the “City”, its successors and assigns, forever, a permanent easement for
sidewalk and public plaza purposes over, across, on, under, and through land situated within the County of Hennepin, State of
Minnesota, as described on the attached Exhibit "A" and depicted on the attached Exhibit “B”.
INCLUDING the rights of the City, its contractors, agents, servants, and assigns, to enter upon the easement premises at
all reasonable times to construct, reconstruct, inspect, repair, and maintain said public walkway systems over, across, on, under, and
through the easement premises, together with the right to grade, level, fill, drain and excavate the easement premises, and the further
right to remove trees, bushes, undergrowth, and other obstructions interfering with the location, construction, and maintenance of
said public sidewalk and plaza premises.
The above named Grantor, for itself, its successors and assigns, does covenant with the City, its successors and assigns,
that it is well seized in fee title of the above described easement premises; that it has the sole right to grant and convey the easement
to the City; that there are no unrecorded interests in the easement premises; and that it will indemnify and hold the City harmless for
any breach of the foregoing covenants.
IN TESTIMONY WHEREOF, the Grantor hereto has signed this agreement this _______ day of _______________,
2016.
Exhibit “C”
to Site Improvement Performance Agreement
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GRANTOR:
By:
Frederick M. Allis
And:
James. R. Allis
STATE OF MINNESOTA )
)ss.
COUNTY OF _____________ )
The foregoing instrument was acknowledged before me this ___________________ day of
__________________________, 2016, by FREDERICK M. ALLIS, a single person, and JAMES R. ALLIS, a single
person.
___________________________________
NOTARY PUBLIC
THIS INSTRUMENT WAS DRAFTED BY:
CAMPBELL KNUTSON
Professional Association
Grand Oak Office Center I
860 Blue Gentian Road, Suite 210
Eagan, Minnesota 55121
Telephone: 651-452-5000
Exhibit “C”
to Site Improvement Performance Agreement
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EXHIBIT “A”
TO GRANT OF PERMANENT EASEMENT
Exhibit “C”
to Site Improvement Performance Agreement
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EXHIBIT “B”
TO GRANT OF PERMANENT EASEMENT
Exhibit “D”
to Site Improvement Performance Agreement
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Cost responsibility of work in ROW and public easement
perennial planting bed or other landscaped areas in plaza, if applicable 50 sq ft
quality inspection of City-funded work city
Subtotal Cost in ROW and Public Easement
engineering, design, proj management (NTE 15% of Construction) 15.0%
contingency (5% of Cost) 5.0%
Permitting (0.5% of Cost) 0.5%
Total =
** Will require permanent public easement on public sidewalks and public plaza from land owner
*** If trees need replacing, North of the bus stop, City of Edina / HRA will pay for replacements
**** Depending on cost, retaining wall may be built with material other than lanon stone
Exhibit “D”
to Site Improvement Performance Agreement
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IRREVOCABLE LETTER OF CREDIT
No. ___________________
Date: _________________
TO: City of Edina
Dear Sir or Madam:
We hereby issue, for the account of (Name of Developer/Tenant) and in your favor, our Irrevocable
Letter of Credit in the amount of $____________, 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. __________, dated ________________, 2______, of
(Name of Bank) ";
b) Be signed by the Mayor or City Manager of the City of Edina.
c) Be presented for payment at (Address of Bank) , on or before 4:00 p.m. on September 30, 2017.
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 Edina 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: City Manager, Edina City Hall, 4801 West 50th Street. Edina
Minnesota 55424 and is actually received by the City Manage 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: ____________________________________
Its ______________________________