2005-10-25 I1 I ,~
PLEASE TURN OFF AT CEI,L PHONES & PAGERS IN COUNCIL CHAMBERS.
AGENDA
Page
Open meeting
Action approving agenda, with any amendments
(--3. Action approving minutes: September 27, 2005 1-2
4. Report by Westport Properties on Indian Knoll Manor, with any 3-12
necessary action
5. Action approving letter of credit for Lost Lake portion of Mound 13-17
Harbor Renaissance development
Redevelopment update, by representatives of Mound Harbor
Renaissance
Adjourn
MOUND HOUSING AND REDEVELOPMENT AUTHORITY
SEPTEMBER 27, 2005
The Housing and Redevelopment Authority of and for the City of Mound, Minnesota,
met in regular session on Tuesday, September 27, 2005, at 7:20 p.m. in the council
chambers of city hall.
Members Present: Chairperson Pat Meisel; Commissioners Bob Brown, Mike Specht,
John Beise, and David Osmek.
Others Present: City Attorney John Dean, Acting Executive Director Gino Businaro,
City Clerk Bonnie Ritter, Community Development Director Sarah Smith, Public Works
Director Carlson Moore, Cindy Reiter, Sharon Wardwell.
1. Open Meetinq
Chair Meisel opened the meeting at 7:20 p.m.
2. Approve Aqenda
MOTION by Brown, seconded by Beise to approve the agenda. All voted in favor.
Motion carried.
3. Approve Minutes
MOTION by Osmek, seconded by Brown to approve the minutes of September 13,
2005. All voted in favor. Motion carried.
4. Appoint Tenant Representative from Indian Knoll Manor
MOTION by Osmek, seconded by Beise to appoint Sharon Wardwell as the tenant
representative to the HRA, according to the current HRA By-Laws. All voted in favor.
Motion carried.
5. Report by Westport Properties on Indian Knoll Manor
Cindy Reiter of Westport Properties presented the report as follows:
A. August bank statement
B. July Income statement: Osmek questioned line item 433000 - Gas, stating
that year to date spent is $24,380 with the prorated budget being $15,750.
Reiter stated that their fiscal year ends in September and HUD calculates this
figure with a formula based on last year's utility bills. It was noted that HUD
will supplement that through their operating subsidy fund.
C. Review of bills paid: MOTION by Osmek, seconded by Speht to approve the
payment of bills for August 2005.
D. Manager's Report
(i) the bids have been received to remodel two ADA units and the
work should start in the next 30 days.
(ii) Vacancy Update - there are currently two vacancies, which are the
two units being modified to ADA as mentioned above.
1
1
HRA Minutes - September 27, 2005
Eo
Resident Council Report - Sharon Wardwell reported that the tenants are
· very pleased with the new improvements in the building and these
improvements give the building a much hOmier feeling.
6. Adjourn
MOTION by Osmek, seconded by Brown to adjourn at 7:31 p.m. All voted in favor.
Motion carried.
Attest: Bonnie Ritter, City Clerk
Chair Pat Meisel
2
MOUND HRA
INDIAN KNOLJ. APARTMI~NT$
PROPERTY MANAGER'S MONTHLY REPORT
October 2§, 200§
Manager's Agenda
· September Bank Statement
· August Income Statement
· Review of bills paid
· Managers Report
Introduction of Kathleen Walker - New on sire manager
All is as it should be
· Resident Council Repom~
-3-
WELLS FARGO BANK, N.A.
NICOLLET.MALL OFFICE
POST OFFICE BOX B 5t~l
MINNEAPOLIS, MN 55479
I,hl',hh,,ih,lh,,I,,h,,Ihll,,,,hlh,,hh,h,,ll,il.I
HOUSZNG & REDEVELOPMENT AUTHORZTY
SPECZAL ACCOUNT
CITY OF MOUND
FINANCE DIRECTOR
55~1 NAYWOOD RD
HOUND MN 555&q-i&27.
Page i of 4
482
Account Number:
Statement End Date:
Number of Enclosures:
_ (C0300)
09/30/05
39
If you have any questions about this statement or your accounts, call: 800-225-5935 [1-800-CALL-WELLS).
Your Accounts at a Glance
Account Beginning Deposits/ WithdraWals/ Ending
Type Balance Credits Debits Balance
Basic Business Checking with Interest 12,368.41 16,912,00 -21,099~20 8,181.21
000-0033530 ·
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you can view, print and download yOur statements and Check images online, anytime, Banking °hline can also help
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Basic Business Checking with Interest. O00-O033530'
Housing & Redevelopment Authority
Special Account
Aug 3~ Beginning Balance
Sep 30 Ending Balance
Deposits and Credits
Effective Posted
Date Date Transaction Detail
Sep 07 DepoSit
Sep 07 Deposit
Sep 07 Deposit
Sep 07 Deposit
Sep 07 Deposit
Sep 09 Deposit
Sep 12 Hud Treas 303 Misc Pay 091205 410962421860103
RMT*VV*O99096705 ........ hud Operating Fund MN0740
Sep 12 Deposit
Sep
Sep ~ Deposit
Interest Payment
12,368.41
8,181.21
Amount
4,392.00
3,993.00
823.00
661.00
4O6,25
382.00
8,045.60
56.00
151'.25'
1.90
Continued on next page
-4-
Housing & Redevelopment Authority
SpecialAccount
'Checks Paid
Page 2 of 4
483
Account Number: '~
Statement End Date:
000.0033530
09130105
C
Check ~ Date
2037
2038
2039
2040
2041
2043
2044
2045
2046
2047
2048
2049
2050
2052
2053
2054
2055
2056
2057
Se~ 07
Se~ 08
Se~ 02
Seo 06
SeD 01
* Seo 06
Seo Of
SeD 08
SeD 08
Se 02
Amo~t
59:68
62.00
103.00
109.73
181.29
82.43
3.00
79.00
210.02
6.69
Se
Se
Se
Se
Se
Se
07 2,699.84
01 3,630.81
09 461.98
02 150.00
08 436.53
07 52.27
08 61.5.q
15 850.00
20 62.00
22 206.00
Check
2059
2060
2061
2062
2063
20~
2066
2067
2069
2070
2071
2073
2074
2O75
2076
2077
Date
Amount
Sep 19
Sep 19
Sep 21
Sep19
Sep 21
Sep 19
Sep 19
Sep 20
Se 2O
Se 22
Se
Se
S~
15
19
15
27
26
29
29.
26
29
73.61
341.03
152.57
246.47
133.13
54.77
65.65
80.48
47.92
315.25
51.17
2,034.01
3,647.50
464.46
181.29
59.00
98.57
52.00
3,492.46
* GaR in Check Sec uence
Daily Balance Summary
Date Balance
Acg 31 ' 12,368.41
Se ~. 01 8,553.3.1
Se ~ 02 8,293.62
S~ ~ 06 8, t01~46
se ~' ~07' 15,:56~:92
Se ~ 14,715,78
Se 09 14,635.80
SoDD 12 20,737,40
Se~ 15 16,188.73
Average Collected Balance $
Interest Summery ..........
Annual Percentage Weld Earned This Period
Interest Earned During This Period
Year to Date Interest and Bonuses Paid
12,904.51
Date
Sep 1.6
Sep 19
se~ 20
sep, 21
s~p ~
Sep 26
Sep 27
seP 29
Sep. 30
Balance
16,339.98
13,524.44
13,334.04
13,048.34
12,52.7.09
12,293.80
11,829.34
8,17g.31
8,181.21
0.18%
1.90
18.45
Continued on next page
-5-
/14Ella
Summary Statement
September 2005
For more information, call MBIA Asset Management at (800)395-5505
Fax: (800)765-7600
Mound Housing and RedeveloPment Authority
Account Number:. MN-01-0258-2001 Account Name: GENERAL FUND
Beginning Contributions Withdrawals Income Average Daily Month End
Balance Earned Balance Balance
This Month $485,214.28 $10,000.00 $0.00 $1;322.80 $486,226.06 $496,537.08
Fkscal YTD
Endill[ 12/31/05 $417,708.28 $70,000.00 $0.00 $8,828.80 $438,768.47 $496,537.08
Account Number:. MN-01-0258-2002 Account Name: MOUND HUD
Beginning Contributions Withdrawals Income Average Daily Month End
Balance Earned Balance Balance
This Month $11,756.95 $0.00 ! $10,000.001 $31.08 $11,440.02 $1,788.03
Fiscal YTD $10,000.00
Endin$12/31/05 $11,556.05 $0.00 $231.98 $11,625.19 $1,788.03
Total of all accounts
Beginning Contributions Withdrawals Income Average Daily Month End
Balance Earned Balance Balance
This Month $496,971.23 $10,000.00 $10,000.00: $1,353.88 $497,666.08 $498,325.11
Fiscal YTD
Ending $429,264.33 $70,000.00 i $10,000.00 $9,060.78 $450,393.66 $498,325.11
September 2005
Page:. 1
-6-
Mound, MN Public Housin¢~
2020 Commerce Boulevard
Mound. MN 55364
As OF
Aul3ust 31. 2005
BALANCE SHEET
ASSETS'
111101 -
111700-
112200-
112900-
116200-
121100-
140002-
140003-
140005-
140007-
140008 -
140009-
140016-
140017-
140055-
140095-
150600-
Cash General Fund
Petty Cash
Tenants Accounts Receivable
City of Mound
General Fund Investments
Prepaid Insurance
Development Cost
Development Cost Contra
Accumlated Depreciation
Buildings
Furniture,Equipment,Machines-Dwelling
Fumiture,Equipment, Machines-Admin
Land Improvements
Building Improvements
Mod Cost Complete
Mod Cost Uncomplete
Mod Cost Uncomplete Contra
TOTAL ASSETS
SURPLUS AND LIABILITIES
211400 - Tenants Secudty Deposits
211410 - Tenants Pet Deposits
211499 - Secudty Deposit Interest
212900 - Notes Pay Levy Fund
213700 - Payment in Lieu of Taxes
213701 - PILOT Current Year
280200 - HUD PHA Contribution
280600 - Retained Earnings
Current Year Net Activity
TOTAL SURPLUS AND LIABILITIES
4,783.52
100.00
(271.00)
910.11
11,509.58
1,348.80
1,505,904.64
(2,107,638.55)
(1,776,855.74)
1,642,970.53
33,551.61
17,493.01
11,1'08.20
565,942.47
601,733.91
98,888.92
(23,124.08)
588.355.93
(8,255.00)
(2,700.00)
(613.14)
(70,000.00)
(526.23)
(2,901.93)
(308,629.59)
(174,117.62)
(20,612.42)
1588.355.93)
1
Mound, MN Public Housin~
2020 Commerce Boulevard
Mound. MN 55364
As Of
Au;ust 31, 2005
Statement of Operating ReCeipts & Expenditures
311000 - Dwelling Rental
Total Rental Income
361000 - Investment Interest/General Funds
369000 - Other Income
802000 - Operating Subsidy
Total Other Operating Receipts
Total Receipts
414000-
415000-
417000-
417100-
419000-
Expenses
411200 - Manager Payroll
413000- Legal Expense
Staff Training
Travel
Accounting Fees
Auditing Fees
Sundry-Administrative
419500 - Outside Management
Total Administrative Expense
422000 - Tenant Services
Total Tenant Services Expense
431000- Water
432000- Electricity
433000- Gas
439000 - Other Utility Expense
439100 - Garbage Removal
Total Utilities Expense
441000 - Maintenance Labor
442000- Materials
443000 - Contract Costs
448000 - Protective Services
Total Maintenance Expense
Current YTD
Activity Balance
YTD
Prorated
Budget
(10,808.00) (114,031.37) (117,874.13)
(10,808.00) (114,031.37) (117,874.13)
Over
(Under)
Budget
(3,842.76)
3,842.76
(1.63) (18.89) (366.63) (347.74)
(117.50) (3,647.90) (2,530.00) 1,117.90
(6,045.50) (66,500.40) (66,500.50) (0.10)
(6,164.63) (70,167.19) (69,397.13) (770.06)
(16,972.63) (184,1'98.56) (187,271.26)
3~072.70
2,908.00 33,765.45 35,979.13 (2,213.68)
0.00 0.00 641.63 (641.63)
0.00 0.00 1,283.37 (1,283.37)
0.00 160.66 '733.37 (572.71)
150.92 3,067.12 3,254.13 (187.01 )
0.00 7,000.00 5,041.63 1,958.37
2,002.91 15,769.01 19,323.37 (3,554.36)
0.00 8,500.00 0.00 8,500.00
5,061.83 68,262.24 66,256.63 2,005.61
1,833.37
0.00 0.00
0.00 1,833.37
0.00
(1,833.37)
(1,833.37)
630.32 1,740.88 3,666.63 (1,925.75)
1,969.05 12,026.29 16,225.00 ~,198.71)
482.68 24,863.56 17,325.00 7,538.56
1,723.99 12,740.46 9,533.37 3,207.09
461.98 4,621.59 4,950.00 (328.41)
5r268.02 55,992.78 51~700.00 4~292.78
3,265.75 38,351.25 45,723.37 (7,372.12)
602.90 6,106.79 7,333.37 (1,226.58)
622.65 8,217.91 6,160.00 2,057.91
150.00 403.49 641.63 ~38.14)
4~641.30 53,079.44 59~858.37 (6~778.93)
Mound, MN Public Housin¢~
2020 Commerce Boulevard
Mound. MN 55364
A.~ Of
Auqust 31. 2005
Statement of Operating Receipts & Expenditures
451000 - Insurance
452000 - Pmts In Lieu Of Taxes
454000 - Employee Benefit Contributions
457000- Collection Loss
Total General Expense
YTD Over
Current YTD Prorated (Under)
Activity. Balance Budget ~
1,018.83 10,549.71 9,551.63 998.08
277.00 2,901.93 6,618.37 (3,716.44)
926.07 13,440.35 10,835.00 2,605.35
0.00 794.34 0.00 794.34
2~221.90 27,686.33.. 27~005.00 681.33
Total Routine Expense
601000 - Pdor Year Adjustments-Cash
Total Nonroutine Expense
Total Expense
.17~193.05 205,020.79 206~653.37 (1~632.58)
0.00 1,361.30 0.00 1,361~30
0.00 1,361.30 0.00 1,36'!.30
17~193.05 206,382.09 206~653.37 (271.28)
INDIAN KNOLL MANOR
2020 COMMERCE BLVD
MOUND, MN 55364
PAID INVOICES SORTED BY VENDOR
FROM September 1, 2005 THROUGH September 30, 2005
October 19, 2005
PAGE: 1
VENiDOR VENDOR CHECK ACCTG CHECK M INVOICE INVOICE CUMULATIVE
NUMBER NAME DATE DATE NUMBER S NUMBER AMOUNT TOTAL
3 PROGRAMMED MANAGEMENT CORP 09-12-2005 SEP2005
2067 S 70325789 47.92
TOTAL PAID 47.92 47.92
6 WESTPORT PROPERTIES INC 09-08-2005 SEP2005 2056 S AUG MGMT FEE 850.00
6 WESTPORT PROPERTIES INC 09-12-2005 SEP2005 2069 S AUGUST POSTAGE 21.17
6 WESTPORT PROPERTIES INC 09-12-2005 SEP2005 2069 S SEPT RECURRING CHG 30.00
TOTAL PAID 901.17 949.09
7 WESTPORT PROPERTIES PAYROLL 09-12-2005 SEP2005 2071 S 09/15/05 PAYROLL 3647.50
7 WESTPORT PROPERTIES PAYROLL 09-26-2005 SEP2005 2077 S 09/30/05 PAYROLL 3492.46
TOTAL PAID 7139.96 8089.05
20 XCEL ENERGY 09-12-2005 SEP2005 2070 S 51-6383341-8 AUG 2034.01
TOTAL PAID 2034.01 10123.06
34 HOME DEPOT CREDIT SERV-MOUI~D 09-12-2005 SEP2005 2061 S 20557 42.59
34 HOME DEPOT CREDIT SERV-MOUl~D 09-12-2005 SEP2005 2061 S 5028368 33.44
34 HOME DEPOT CREDIT SERV-MOUND 09-12-2005 SEP2005 2061 S 8123851 21.27
34 HOME DEPOT CREDIT SERV-MOUND 09-12-2005 SEP2005 2061 S 9119869 55.27
TOTAL PAID 152.57 10275.63
54 RENTAL RESEARCH SERVICES, INC.09-16-2005 SEP2005 2076 S Y87232 AUGUST 52.00
TOTAL PAID 52.00 10327.63
62 Minnesota Multi Housing Assoc 09-16-2005 SEP2005 2074 S HUD TRAINING 59.00
TOTAL PAID 59.00 10386.63
78 DREAM KARE INC 09-12-2005 SEP2005 2060 S 2294 AUG 341.03
TOTAL PAID 341.03 10727.66
87 Office Depot 09-12-2005 SEP2005 2065 S 304446056 56.32
87 Office Depot 09-12-2005 SEP2005 2065 S 304972206 9.33
87 Office Depot 09-16-2005 SEP2005 2075 S 306055100 98.57
TOTAL PAID 164.22 10891.88
-10-
INDIAN KNOLL MANOR
2020 'COMMERCE BLVD
MOUND, MN 5~364
R VENDOR
NUMBER NAME
PAID INVOICES SORTED BY VENDOR
FROM September 1, 2005 THROUGH September 30, 2005
October 19, 2005
PAGE: 2
CHECK ACCTG CHECK M INVOICE INVOICE CUMULATIVE
DATE DATE NUMBER S ~ER AMOUNT TOTAL
93 Allied Waste Services
09-16-2005 SEP2005 2072 S 0894-000174484 464.46
TOTAL PAID 464.46 11356.34
95 B SYLVESTER, LLC 09-12-2005 SEP2005 2057 S AUGUST SERVICE 62.00
TOTAL PAID 62.00 11418.34
99 MINNESOTA ELEVATOR INC 09-16-2005 SEP2005 2073 S 80341 181.29
TOTAL PAID 181.29 11599.63
101 C NABER and ASSOCIATES 09-12-2005 SEP2005 2058 S JULY SERVICES 103.00
101 C NABER and ASSOCIATES 09-12-2005 SEP2005 2058 S AUGUST SERVICES 103.00
TOTAL PAID 206.00 11805.63
102 MOUND TRUE VALUE HARDW~RE 09-12-2005 SEP2005 2064 S 1657 10.48
102 MOUND TRUE VALUE HARDWARE 09-12-2005 SEP2005 2064 S 1757 22.98
102 MOUND TRUE VALUE HARDWARE 09-12-2005 SEP2005 2064 S 8976 10.58
! 2 MOUND TRUE VALUE PIARDWARE 09-12-2005 SEP2005 2064 S 9463 10.23
2 MOUND TRUE VALUE HARDWARE 09-12-2005 SEP2005 2064 S 818892 .50
TOTAL PAID 54.77 11860.40
107 The Laker 09-12-2005 SEP2005 2068 S 5657 MOUND 315.25
TOTAL PAID 315.25 12175.65
111 Cingular/AT&T Wireless 09-12-2005 SEP2005 2059 S 13225982 AUG 73.61
TOTAL PAID 73.61 12249.26
125 IKON FINANCIAL SERVICE - LEASE09-12~2005 SEP2005 2063 S 66459109 133.13
TOTAL PAID 133.13 12382.39
128 On Time Delivery Service 09-12-2005 SEP2005 2066 S 9533 80.48
TOTAL PAID 80.48 12462.87
137 Karen Rondeau 00-00-0000 SEP2004 1691 S 2020/311 RET S/D 383.28
TOTAL PAID 383.28 12846.15
-11-
INDIAN KNOLL MANOR
2020 COMMERCE BLVD
MOUND, MN 55364
FROM September 1,
PAID INVOICES SORTED BY VENDOR
2005 THROUGH September~30, 200~
October 19, 2005
PAGE: 3
VENDOR VENDOR CHECK ACCTG CHECK M INVOICE INVOICE CUMULATIVE
NUMBER NAME DATE DATE NUMBER S NUMBER AMOLTNT TOTAL
90005 HSBC BUSINESS SOLUTIONS 09-12-2005 SEP2005 2062 S 302421505095398 137 .98
90005 HSBC BUSINESS SOLUTIONS 09-12-2005 SEP2005 2062 S 302422205097666 12 .38
90005 HSBC BUSINESS SOLUTIONS 09-12-2005 SEP2005 2062 S 318821405068158 96.11
TOTAL PAID 246.47 13092.62
-12-
CHARTERED
470 Pillsbury Center
200 South Sixth Street
Minneapolis MN 55402
(612) 337-93® telephone
· (612) 337-9310 fax
http://www, kennedy -graven.com
MEMORANDUM
10/20/05
To: HRA
From: John Dean
Subject: MHR Letter of Credit.
The Redevelopment Contract with Mound Harbor Renaissance, LLC requires MHR to furnish the
HRA with a letter of credit. The amount of the letter of credit was reduced to $500,000 by the First
Amendment to the Redevelopment Contract.
The letter of credit, to be delivered to the HRA at closing, serves as security for MHR's tax
deficiency guarantee. The point is to assure that there are sufficient funds, either through tax
increment or the Redeveloper's guarantee or a combination, to make debt service payments on the
dump cleanup bonds.
The State Bank of Long Lake has provided me with a draft of the letter of credit, and following
discussions with the bank, a few revisions have been made. The attached letter of credit contains
the revisions that we suggested.
I recommend that the HRA, by motion, approve the form of the letter of credit in substantially the
form contained in the attachment.
-13-
LETTER OF CREDIT
IRREVOCABLE LETTER OF CREDIT NO.
DATE:
October 14, 2005
FOR ACCOUNT OF:
Mound Harbor Renaissance Development, LLC
TO BENEFICIARY:
Housing and Redevelopment Authority
in and for the City of Mound, Minnesota
AMOUNT:
$500,000.00
EXPIRATION:
Aprill5,2007
PROJECT NAME:
Villas on Lost Lake
Ladies and Gentlemen:
INTRODUCTION: State Bank of Long Lake ("SBLL") hereby agrees to provide
this Letter of Credit ("Letter") for the benefit of the Housing and Redevelopment
Authority in and for the City of Mound, Minnesota ("Authority") for the account of
Mound Harbor Renaissance Development, LLC ("Redeveloper") for use in the
development of the project commonly known as Villas on Lost Lake ("Project").
PURPOSE: This Letter is issued to secure performance by Redeveloper of its
obligations under the Lost Lake Tax Deficiency Guarantee under Article VIII of the
Contract for Private Redevelopment by and between Authority and Redeveloper
dated March 22, 2005 ("Contract"), as amended by the First Amendment to Contract
for Private Redevelopment dated July 5, 2005 ("First Amendment") for the Project.
This Letter is issued only to secure the performance for the Lost Lake Tax Deficiency
Guarantee and shall not secure any other obligations of Redeveloper, except the
obligations of Redeveloper to renew the Letter of Credit pursuant to Section 8.2(c) of
the Contract.
-14-
LETTER OF CREDIT
Page 2
AUTHORIZATION: SBLL hereby authorizes you to draw a sum not to exceed
Five Hundred Thousand and no/100 Dollars ($500,000.00), available by your draft at
sight, to be drawn upon Default by Redeveloper in the performance of the terms of
the Contract and First Amendment between Authority and Redeveloper.
PRESENTATION OF DRAFT: All drafts drawn must be marked "Drawn Under
SBLL Letter of Credit No. dated October 14, 2005." The draft must be
delivered to the address of SBLL contained herein, during normal business hours,
marked: "Attention: Thomas D. Johnson. Urgent: Letter of Credit Draft."
FORM OF DRAFT: The draft must be accompanied by this original Letter and a
sworn and notarized written Statement of the Authority's Executive Director
("Statement"), stating in detail and with specificity the terms and items of the Default
by Redeveloper under the Contract and First Amendment. The Statement shall state
in detail and with specificity the amount necessary to cure the specific Default. Any
draft drawn hereunder shall be limited to the amount of Default as contained in the
Statement.
TERMINATION: This Letter shall expire no sooner than April 15, 2007, unless
released prior to that date by the Authority.
RENEWAL: This Letter will not automatically renew. Any renewal hereof shall
only be made in writing by SBLL, with notice to Authority, and must be made at least
sixty (60) days before the date of expiration hereof.
REDUCTION IN AMOUNT OF LETTER: This Letter shall be reduced in amount
pursuant to Section 7 of the First Amendment.
RIGHTS OF THIRD PARTIES: All conditions or obligations of SBLL hereunder,
including the obligation to pay drafts, are imposed solely and exclusively for the
benefit of Authority. No other person shall, under any circumstances, be deemed to
be a beneficiary of such conditions.
NONASSIGNABLE: Neither Authority nor Redeveloper may assign this Letter or
any of its rights or obligations hereunder without the prior written consent of SBLL
HEADINGS: The headings of the sections, paragraphs and subdivisions of this
Letter are for the convenience of reference only, and are not to be considered a part
hereof and shall not limit or otherwise affect any of the terms hereof.
-15-
LETTER OF CREDIT
Page 3
INVALID PROVISIONS TO AFFECT NO OTHERS: The unenforceability or
invalidity of any provision hereof shall not render any other provision or provisions
hereof unenforceable or invalid.
AMENDMENTS: Neither this Letter nor any provision hereof may be changed,
waived, discharged or terminated orally, but only by an instrument in writing signed
by the party against whom enforcement of the change, waiver, discharge or
termination is sought.
NOTICES: Any notice which any party hereto may desire or may be required to
give to any of the parties shall be in writing and the mailing thereof by certified mail,
or equivalent, to the respective parties' addresses set forth below or to such o~er
place such party may by notice in writing designate as its address shall constitute
service of notice hereunder:
STATE BANK OF:
LONG LAKE AT:
STATE BANK OF LONG LAKE
1964 W. Wayzata Boulevard
P. O. Box 636
Long Lake, MN 55356-0636
ATTN: Mr. Thomas D. Johnson
REDEVELOPER AT:
MOUND HARBOR RENAISSANCE
DEVELOPMENT
ATTN: Mr. Thomas A. Stokes
AUTHORITY AT:
HOUSING AND REDEVELOPMENT
AUTHORITY
5432 Maywood Road
Mound, MN 55364
ATTN: Executive Director
-16-
LETTER OF CREDIT
Page 4
GOVERNING LAW: This Letter is made and executed pursuant to and is intended
to be governed by the laws of the State of Minnesota.
STATE BANK OF LONG LAKE
By:
Thomas D. Johnson
Its: Senior Vice President
-17-