HomeMy WebLinkAbout2003-05-19 Attorney Sajevic Ltr to OPH Re Developer's AgreementLEONARD, O'BRIEP,,
WILFORD, SPENCER &GALE
-1mas W. Newcome*
a F. Leonard+
j-,.,Lon J. Spencer, Jr. +
Michael R. O"Brient
Lawrence A. Wilford*
Edward W. Gale
Grover C. Sa 111+0
Thomas W. Newcome IH*
James A. Geske
Michelle McQuarrie Colton
Timoth M. Walsh*
Joseph J. Deuhs, Jr.
Thomas C. Atmore +
Ernest F. Peake
Matthew R. Burton
Eric D. Cook
Attorne at Law
A Professional Association
55 East Fifth Street
Suite 800
Saint Paul, Minnesota 55101-1718
Telephone ( 651) 227-9505
Fax (651) 251-1734
100 South Fifth Street
Suite 1200
Minneapolis, Minnesota 55402-1216
Telephone ( 612 ) 332-1030
Fax ( 612 ) 332-2740
Internet: www. loyj com
Repl to: Minneapolis
Peter J. Sajevico
Justin P. Weinber
Kerr A. Evans
Anna M. Bur
Of Counsel
Geor B. In Jr,
+ Also admitted in Wisconsin
DAlso admitted in Arizona
0 Also admitted in Iowa
t Qualified Neutral (Rule 114
Certified Real Propert
Law Specialist
(Minnesota State Bar Association)
Retired Status
Ma 19, 2003
Eric Johnson, Cit Planner
Cit of Oak Park Hei
14168 Oak Park Boulevard North
P.O. Box 2007
Oak Park Hei Minnesota 55082
VIA MESSENGER
Re Developer's A b and between VSSA McKean West, LLC and the Cit of OakPark
Hei
Dear Eric.-
Enclosed herein please find the ori Service Letter in the above-referenced matter. Please let me know if y ou
have an q uestions.
Ver trul y ours,
LEONARD, O'BRIEN
WILFORD, SPENCER & GALE, LTD.
By 90
Peter J. S
E-Mail: psa
mL s g .coin
Pis/i I
Enclosure
@PFDesktop\::ODMA/GRPWISE/GWDMPLS.GWPOMPLS.MPLSLI131:105845.1
Member FOCC
May 13, 2003
City of oak Park Heights
14168 oak Park Boulevard
Oak Park Heights, MN 55082
Re: Developer's Agreement By and Between VSSA McKean west, LLC,
and the City of oak Park Heights, Dated as of /flay, 2003 ("The
Developer's Agreement ") Security for Plan A Improvements
$2,145;000.00 Security for Plan B Improvements $1,581,000.00
We hereby certify that proceeds from the City of oak Park Heights, Tax Exempt Loan
Participations (Boutwells Landing - Mclean Square Project) $24,000,000 Series 2003A, 2003B
and 2003C Notes (the "Notes ") have been set aside and established for the exclusive benefit of
the City of Oak Park Heights, as security for payment of the cost of the Plan A and Plan B
improvements as indicated in the above - referenced Developer's Agreement, in the amounts
specified above. In the event the developer does not pay the costs incurred to construct the Plan
A and/or Plan B improvements when such costs are due, such amounts will be made available
via disbursement through First American Title Insurance Company by draft presented by the
City of oak Park Heights to the servicer bank as noted herein.
This set aside of funds covers all improvements for Plan A and Plan B improvements
identified within the terms and provisions of the Development Contract executed by and between
VSSA McKean West, LLC, and the City of oak Park Heights dated as of May , 2003 up to
the dollar amounts set forth above. The address of the bank for all drafts for payment, as
specified, will be honored upon presentation to the servicer bank at Minnwest Bank Central,
1150 Yankee Doodle Road, Eagan, Minnesota 55121. Funds will be made available under this
letter until August 31, 2004, unless otherwise extended or sooner released.
Minnwest Bank Central, is the servicer for the Notes. TERMS NOT OTHERWISE
DEFINED SHALL HAVE THE MEANINGS AS SET FORTH IN THE ABOVE
REFERENCED DEVELOPER'S AGREEMENT.
1150 Yankee I)Oodle Road
Eagan. Mtn 55121-2001
( 454-0004 * FAX (651) 454 --0481
Servicer hereby represents that payments to the City of Oak Park Heights shall be issued
within seven (7) business days of a written request received from the City of Oak Park Heights,
requesting payments for any improvements under either Plan A or Plan B improvements
referenced above.
Very truly yours,
MINNwE S T BANK CENTRAL
Servicer
By:
Its:
Acknowledge and Agreed:
First American Title Insurance Company
B
Its: V P