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Home My WebLink AboutPartial Development Agreement Refund Planning & Zoning Department Memo To: Finance Department From: Christine Mattson, Planning Assistant07/A CC: Street File Date: June 20, 2013 tj‘f G/L: 101-22205 Re: Partial Development Agreement Refund The City is releasing the remaining amount of the LOC pertaining to 875 Wayzata Boulevard West (Trails of Orono) associated with 11-3498. In conjunction with the, please also refund $8,000 of the $30,000 currently held with the development agreement. The City will continue to hold $22,000 until the open items are completed. The following is attached: • Original signed escrow agreement • Copy of Release of Letter of Credit letter • Copy of cash register receipt showing escrow amount received Mail to: Matt S. Alexander Director of Real Estate Development Kraus-Anderson Realty Company 4210 W Old Shakopee Road Bloomington, MN 55437-2951 w:\street files\casco pt rd\2755\escrow refund memo 12-3581 &2012-00709.doc *oro\jAi-to._ a�'�-DNI fi71 (,g CITY OF ORONO Street Address: Mailing Address: Telephone(952)249-4600 2750 Kelley Parkway P.O. Box 66 Fax (952)249-4616 Orono, MN 55356 Crystal Bay, MN 55323 www.ci.orono.mn.us KE S H OSL 17 June 2013 Matt Alexander Kraus-Anderson 4210 West Old Shakopee Rd Bloomington, MN 55437 Re: Trails of Orono/875 Wayzata Blvd W- Authorization to Release Letter of Credit Ref.: Bremer Bank, N.A.; LOC No. S120010736; Dated June 24, 2011 Per your request the City Consulting Engineer has inspected the Trails of Orono site and has determined that a majority of the work has been satisfactorily completed.Therefore, we are authorizing the release of your letter of credit as follows: LOC No. December Additional Final Reduction/ Amount to S120010736 Original 2011 ReductionRemain in Amount Release Reduction 6/4/2012 06/17/2013 Effect $ 666,877.42 $ 329,820.42 $280,683.00 $56,374.00 $0 This letter will serve as City of Orono authorization to you and to Bremer Bank, N.A. to allow expiration of LOC No. S120010736 effective immediately. Please note the remaining landscaping improvements are to be covered under the existing escrow funds in the amount of$22,000. The escrow funds will be held assure completion of items as listed in the attached recommendation letter from David Martini, P.E. dated May 14, 2013. Please contact me at 952.249.4627 or mcurtis@ci.orono.mn.us if you have any questions. Sincerely, CITY OF ORONO Melanie Curtis Planning & Zoning Coordinator enol cc: Ronald Olson, Finance Director Jesse Struve, Public Works Director David Martini, City Consulting Engineer Melanie Curtis From: Alexander, Matt[malexander@karealty.com] Sent: Friday, May 31, 2013 9:05 AM To: Melanie Curtis Subject: RE: 875 Wayzata Boulevard Melanie— Please accept this as a formal written request to release our current Letter of Credit described below and utilize the portion of the escrow necessary to cover remaining landscape items. Please send a check to my attention for the remaining balance of the escrow fund. Thanks, Matt S.Alexander I Director of Real Estate Development malexander(a)karealty.com I direct 952-948-9401 Kraus-Anderson Realty Company 14210 W. Old Shakopee Road, Bloomington MN 55437-2951 Main 9521881-81661 fax 952-881-81141 www.krausanderson.com Please consider the environment before printing this email. From: Melanie Curtis [mailto:MCurtis@@ci.orono.mn.us] Sent: Friday, May 17, 2013 4:18 PM To: Alexander, Matt; Beckwith, Jim Subject: FW: 875 Wayzata Boulevard Jim & Matt Please see the attached comments and the highlighted site plan from our engineer. As you know, we currently hold the following securities: • LOC $56,374 • Development Escrow $30,000 • Monument Sign Permit Escrow $2,000 According to Martini's recommendation, we should still hold on to some security for"landscaping"which is covered with the LOC. If it is your intent to have the City release 100% of the LOC I will need you to send me something in writing which allows the City to utilize the cash escrow funds (which are held for wetland buffer vegetation, erosion control and City GIS base map updating) in order to do so. Please advise as to how you would like to handle this. Melanie Melanie Curtis IN 952.249.4627 H mcurtis@ci.orono.mn.us From: David Martini [mailto:davidma@bolton-menk.com] Sent: Tuesday, May 14, 2013 10:34 AM To: Melanie Curtis Subject: 875 Wayzata Boulevard Melanie, Here is the recommendation letter for 875 Wayzata Boulevard. Let me know if you have questions. 1 • Engelsma Limited Partnership u.DA*SiA .1NVO10E O ! 4 DE5CR1P 1044 444 , ,4, ACCOUNT NI S.A, 1NV!CE 4QPN'I 0_' 6-23-11 Engineerin Orono=Engineering /leg 11-0001-0-1730.0000 30000.00 1 — 3+9 c' priakd i ,Y ''P '� Coc DATE CHECK CHECK 6-24-11 NUMBER 56778 TOTAL> 30000.00 PLEASE DETACH AND RETAIN FOR YOUR RECORDS TAC(T.)CATHY F,. .-, ,.,w.,. „m..,WMW..m Engelsma Limited Partnership us Bank,N.A. K 601 Second Avenue South 4210 W. Old Shakopee Road Minneapolis,MN 55402-4302 ® Bloomington,MN55437 17-2 952-881-8166 ' 910 DATE CHECK NO. AMOUNT June 24, 2011 56778 ********$30,000.00 Pay:****"*******" **********************Thirty thousand dollars and no cents PAY City of Orono TO THE PO Box 66 Engelsma Limi-.Partnership I ORDER OF �' Crystal Bay, MN 55323 00000 5 6 7 78H' 1:09100002 a5 L 70 2 2 50 6 60 L 911' ei*F-•-G C7f0 -'•' w , .Wp." N a, 2 54`81:‹t* d.-.< sr, - .... ni3r -a -n -• -4 o 1 CO CS a, •c a "I ?4 m c cin< ro w ova w rr a 5, ems+- n a �c r oa Z ,y CO M m m ii m i ,e. o u 'is' o na `° p p ' 8 8 �I g � io t o � Or,7.11: :75• )1- ; • 1;j1 1997) - 30, )c);',;•v: ;1,j T, Engelsma•Limited Partnership :'DATE "- =INVOICE NO DESCRIPTION ACCOUNT 'INVOICE AMOUNT 6-23-11 ParkDedica Park Dedication Fee 11-0001-0-17B0.0000 136500.00 DATE CHECK CHECK 6-24-11 NUMBER 56779 TOTAL> 136500.00 PLEASE DETACH AND RETAIN FOR YOUR RECORDS TAC(IMO CATHY weans.76e2E1-,..AOMIT/IF aee ,ae1.oa Engelsma Limited Partnership US Bank,N.A601 . uth pi 4210 W. Old Shakopee Road Minneapolis,Second Avenue S2 P MN 55402-4302 ® Bloomington, MN 55437 17-2 952-881-8166 910 DATE CHECK NO. AMOUNT June 24, 2011 56779 *******$136,500.00 Pay:*******One hundred thirty-six thousand five hundred dollars and no cents PAY City of Orono TO THE PO Box 66 - __ a a Limit..Partnership , ORDER OF Crystal Bay, MN 55323 i r s...11114 , i 414.if 11'00005677911' 1:09 L0000 2 21: L 70 2 2 S0660 L9111 '.^•' --e , . II C+ c ,1 r I cc-1 --; '� t7 11 C, ,✓ C, IP CU ,"--. O l I II -.4-Cr, W U") Jr; II !fI Ute') !I CuC, n C' ii r' �r 11 '-' U rn ,-1i co IIre ii � m co p .= x a Kr I`a+ m` awi ', L In c`r ,� a c`,.. h7 in as K2 w 2 in b G d co at — '3w �. wa0 a =— -o 0 O.-.Z Z a 0 C..... Z Cl] d N y- . a!1 0,0 28 .•[n n I-- n S CI Me CC W,.,r Lep as '' 5.7,'"Q..Q --~--' u Iw`r.I) mu rSnI .. n+ -t....2 rt>,.-.i m Q j N. cc - w-'- SpiO Cr .. wCU CI- .LI— u 41. _ Rik ,. 31 311 3 U. . _ . r, . . • En elsma Limited Partnership 0470., . NVOICE,No7,4 E,. 2 £SCi21PTION ., OZZ7 :Avco 7N o :..t4 . , ,„, ,1NNipi t:AMQ 6-23-11 Stormwater Orono-Stormwater fee 11-0001-0-1730 .0000 74410.00 DATE CHECK CHECK 6-24-11 NUMBER 56780 TOTAL> 74410 . 00 PLEASE DETACH AND RETAIN FOR YOUR RECORDS ucrru,c.,..c.s,.a.,_nra,.,w.-,r.a..o,I o.:eom Bono Tw000— Engelsma Limited Partnership US Bank,N.A. 011 Q 4210 W. Old Shakopee Road 601 Second Avenue South 17 Minneapolis,MN 55402-4302 ® Bloomington, MN 55437 17-2 952-881-8166 910 DATE CHECK NO. AMOUNT June 24, 2011 56780 ********$74,410.00 Payr`************Seventy-four thousand four hundred ten dollars and no cents PAY City of Orono TO THE PO Box 66 Engels ,Limi=.Partnership ORDER OF Crystal Bay, MN 55323 t4 - `tel • "0000 5 6 78011 ,:0 9 L00002 '21: L 70 2 2 50 6 60 L 9" �, g o;I 8' o1 $ It `, ai cS a ill d �r i II .� -4 I I - u `-' .4, II N z I II ii If) = =m iI u� I Ii a1. 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