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Home My WebLink AboutBonding, Signing, Recording Final PlatCITY OF 9II G�1G�"YI IDAHO CeR %M TREASURE V NAY SINCE 1903 MAYOR Tammy de Weerd CITY COUNCIL MEMBERS Keith Bird Joseph W. Borton Charles M. Rountree Shaun Wardle CITY DEPARTMENTS City Attorney/HR 703 Main Street 898-5506 (City Attorney) 898-5503 (HR) Fax 884-8723 Fire 540 E. Franklin Road 888-1234/fax 895-0390 Parks & Recreation 11 W. Bower Street 888-3579/fax 898-5501 Planning 660 E. Watertower Lane Suite 202 884-5533/fax 888-6844 Police 1401 E. Watertower Lane 888-6678/fax 846-7366 Public Works 660 E. Watertower Lane Suite 200 898-5500/fax 895-9551 - Building 660 E. Watertower Lane Suite 150 887-2211 / fax 887-1297 - Wastewater 3401 N. Ten Mile Road 888-2191 / fax 884-0744 - Water 2235 N.W. 8th Street 888-5242/fax 884-1159 July 5, 2006 Ms. Gloria Warrick U.S. Bank National Association International Dept., WWH-277 1420 Fifth Avenue, 9th Floor Seattle, WA 98101 206-344-2398 fax 206-344-5369 Re: Return Letter of Credit for Paramount Subdivision # 8 for Paramount Development, Inc. After a site inspection and review of Paramount Subdivision # 8 by the Planning Department and the Public Works Department, it has been determined to release the original Letter of Credit of $68,862.20 to you for the completion of sewer, water, street lights, fencing and pressurized irrigation. Please use this letter as authorization for U. S. Bank to release the Irrevocable Letter of Credit No. SLCSSEA02290. If you have any questions please contact me. Thank you for your cooperation. Sincerely William G. Berg, Jr. City Clerk Enclosure CITY FALL 33 EAST IDAHO AVENUE MERIDIAN, IDAHO 83642 (208) 888-4433 CITY CLERK —FAX 888-4218 FINANCE & UTILITY BILLING— FAX 887-4813 MAYOR'S OFFICE —FAX 884-8119 Printed on recycled paper ba n k. Five Star Service Guaranteed ** U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 PHONE: 206-344-2398 FAX: 206-344-5365 SEPTEMBER 16, 2005 U.S. BANK 101 SOUTH CAPITOL BLVD., SUITE 201 BOISE, ID ATTN: TAMI GRIGSBY CITY OF MERIDIAN 660 EAST WATERTOWER, SUITE 200 MERIDIAN, ID 83642 ATTN: BRAD WATSON PLEASE FIND ATTACHED OUR ORIGINAL STANDBY LETTER OF CREDIT NUMBER SLCSSEA02290 IN FAVOR OF YOURSELVES, FOR THE ACCOUNT OF: PARAMOUNT DEVELOPMENT, INC 12601 W. EXPLORER DRIVE, SUITE 200 BOISE, ID 83713 KINDLY ADDRESS ALL CORRESPONDENCE REGARDING THIS LETTER OF CREDIT TO THE ATTENTION OF OUR LETTER OF CREDIT DEPARTMENT, 1420 5TH AVENUE, 9TH FLOOR, SEATTLE, WA 98101, MENTIONING OUR REFERENCE NUMBER AS IT APPEARS ABOVE. TELEPHONE INQUIRIES CAN BE MADE TO EITHER JANET JOIREMAN AT 206-344-2398 OR MARY ALICE YOUNG AT 206-587-7049. U.S. BANK NATIONAL ASSOCIATION -� -� - ------ - --- TERNATIONAL --------- TERNATIONAL DEPARTMENT embank® Five Star Service Gua tmd U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 U.S.A. PHONE: 206-344-2398 FAX: 206-344-5078 IRREVOCABLE STANDBY LETTER OF CREDIT -------------------________ SEPTEMBER 16, 2005 ------------------------------------------------------------------------------------------------------------- BENEFICIARY: APPLICANT: CITY OF MERIDIAN PARAMOUNT DEVELOPMENT, INC. 660 EAST WATERTOWER, SUITE 200 12601 W. EXPLORER DR., SUITE 200 MERIDIAN, ID 83642 BOISE, ID 83713 ATTN: BRAD WATSON LETTER OF CREDIT NUMBER: SLCSSEA02290 EXPIRY DATE: SEPTEMBER 16, 2006 AT: OUR COUNTERS PRESENTLY LOCATED AT 1420 FIFTH AVENUE, 9TH FLOOR, INTERNATIONAL DEPARTMENT, SEATTLE, WA, 98101 ON OR BEFORE 5:00 P.M. OR AT 101 S. CAPITOL BLVD, 8TH FLOOR, SUITE 814, AND ATTN: GARY DEGRANGE, BOISE, ID 83702 AT 5:00 P.M. BOISE TIME. ---------------------------------------------------------------- AMOUNT U.S. $68,862.20 NOT EXCEEDING: SIXTY EIGHT THOUSAND EIGHT HUNDRED SIXTY TWO AND 20/100 U.S. DOLLARS WE HEREBY ISSUE THIS IRREVOCABLE STANDBY LETTER OF CREDIT AVAILABLE BY YOUR DRAFT(S) DRAWN AT SIGHT ON U.S. BANK NATIONAL ASSOCIATION AND ACCOMPANIED BY THE FOLLOWING DOCUMENTS: A STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED INDIVIDUAL OF THE BENEFICIARY STATING THAT THE AMOUNT OF DRAFT DRAWN REPRESENTS FUNDS DUE THE CITY OF MERIDIAN DUE TO THE FAILURE OF PARAMOUNT DEVELOPMENT, INC. TO COMPLETE THE SEWER, WATER, PRESSURIZED IRRIGATION, STREET LIGHTS, AND FENCING IN PARAMOUNT SUBDIVISION NO. 8. THE ORIGINAL OF THIS LETTER OF CREDIT, INCLUDING ANY AMENDMENTS, MUST BE SUBMITTED TO THE BANK FOR OUN ENDORSEMENT OF ANY PAYMENTS EFFECTED BY US AND/OR FOR CANCELLATION. ADDITIONAL CONDITIONS: 1. PARTIAL DRAWINGS ALLOWED 2. ALL BANKING CHARGES OTHER THAN THOSE OF THE ISSUING BANK ARE FOR ACCOUNT OF THE BENEFICIARY. DRAFTS DRAWN UNDER THIS CREDIT MUST BEAR THE CLAUSE: "DRAWN UNDER U.S. BANK NATIONAL ASSOCIATION IRREVOCABLE STANDBY LETTER OF CREDIT NO. SLCSSEA2290". THIS CREDIT IS SUBJECT TO "THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS" (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500". THIS PAGE 1 FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA02290 bank® Five Star Service Guaranteed*., f WE HEREBY ENGAGE WITH YOU THAT DRAFT(S) DRAWN AND/OR DOCUMENTS PRESENTED UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION TO US. DRAFT(S) AND DOCUMENTS MUST BE PRESENTED TO OUR OFFICE AT U.S. BANK NATIONAL ASSOCIATION, INTERNATIONAL DEPARTMENT, 1420 5TH AVENUE, 9T" FLOOR, SEATTLE, WA 98101, OR AT 101 S. CAPITOL BLVD., BS-ID-CB8, 8TH FLOOR, SUITE 814, BOISE, IDAHO 83702, ATTN: GARY DEGRANGE IN PERSON, OR BY OVERNIGHT COURIER, ON OR BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT. U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL BANKING DIVISION AUTHORIZED SIGNATURE Gloria Warrick Letter of Credit Officer THIS PAGE 2 FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA02290 SURETY SPREADSHEET Project Name: PARAMOUNT #8 Date Compiled: 10/10/2005 Letter of Credit/Bond No.: SLCSSEA02290 Issued By: USBANK Expiration Date: 9/1612006 Check No.: Party Responsible Date Signed Off/ Item Unfinished Partial Surety For Sign -Off Person Comments Sanitary Sewer -internal $17,953.00 $1,795.30 $19,748.30 Public Works 12/28/05 MJ Sanitary Sewer -offsite $0.00 $0.00 Water -internal $15,543.75 $1,554.38 $17,098.13 Public Works 12/28/05 MJ Water- Offsite $0.00 $0.00 Public Works Street Lights $4,210.00 $421.00 $4,631.00 Building 11/28/05 VH Landscaping $0.00 $0.00 PZ Pathways $0.00 $0.00 PZ Fencing $21,277.00 $2,127.70 $23,404.70 PZ 11/15/05 CH Tiling $0.00 $0.00 PZ Pressurized Irrigation $3,618.25 $361.83 $3,980.08 Public Works 10/4/05 MJ Gravity Irrigation $0.00 $0.00 NMID Other: $0.00 $0.00 PW $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 TOTAL: $62,602.00 $6,260.20 $68,862.20 6/26/06 READY TO RELEASE IN FULL - KG Page 1 of 1 Will Berg From: Karie Glenn Sent: Monday, June 26, 2006 4:42 PM To: Will Berg Subject: LOC to release - paramount #8 Attachments: Paramount #8.xls Attached detail sheet 6/27/2006 OCT 10 2005 City of Meridian City Clerk Office Memo To: Will Berg From: Lenard A Grady, P.E. CC: File, Karie, P & Z Staff Date: 10/10/05 Re: Paramount #8 I have signed the plat for the above project and am forwarding it to you for your signature. Based on our research of the project files, all conditions imposed by the Public Works Department and City Council have been met. I am also forwarding original letter of credit No. SLCSSEA02290 (USBank — dated 9/16/06) for $68,862.20. This represents surety for items, and in amounts, listed on the attached spreadsheet. Please call Gene Smith @ Engineering Northwest @ 376-5000 when the plat is ready to be picked up. Please call me if you have any questions. Thank you. 0 Page 1 From the desk of.. Lenard A Grady, P.E. City Engineer Meridian Public Works Department 660 E. Watertower Lane, Suite 200 Meridian, Idaho 83642 (208)898-5500 Fax: (208) 898-9551 giadylA.merdiancit .ororg bank. Five StarSmi,eG...t ed U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 PHONE: 206-344-2398 FAX: 206-344-5365 SEPTEMBER 16, 2005 U.S. BANK 101 SOUTH CAPITOL BLVD., SUITE 201 BOISE, ID ATTN: TAMI GRIGSBY CITY OF MERIDIAN 660 EAST WATERTOWER, SUITE 200 MERIDIAN, ID 83642 ATTN: BRAD WATSON PLEASE FIND ATTACHED OUR ORIGINAL STANDBY LETTER OF CREDIT NUMBER SLCSSEA02290 IN FAVOR OF YOURSELVES, FOR THE ACCOUNT OF: PARAMOUNT DEVELOPMENT, INC 12601 W. EXPLORER DRIVE, SUITE 200 BOISE, ID 83713 KINDLY ADDRESS ALL CORRESPONDENCE REGARDING THIS LETTER OF CREDIT TO THE ATTENTION OF OUR LETTER OF CREDIT DEPARTMENT, 1420 5TH AVENUE, 9TH FLOOR, SEATTLE, WA 98101, MENTIONING OUR REFERENCE NUMBER AS IT APPEARS ABOVE. TELEPHONE INQUIRIES CAN BE MADE TO EITHER JANET JOIREMAN AT 206-344-2398 OR MARY ALICE YOUNG AT 206-587-7049. U.S. BANK NATIONAL ASSOCIATION ------------- NTERNATIONAL DEPARTMENT bank® Five Star Sernce Guaranteed U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 U.S.A. PHONE: 206-344-2398 FAX: 206-344-5078 IRREVOCABLE STANDBY LETTER OF CREDIT ------------------- SEPTEMBER 16, 2005 --------------------------------------------------------------------------------------------------------------------- BENEFICIARY: APPLICANT: CITY OF MERIDIAN PARAMOUNT DEVELOPMENT, INC. 660 EAST WATERTOWER, SUITE 200 12601 W. EXPLORER DR., SUITE 200 MERIDIAN, ID 83642 BOISE, ID 83713 ATTN: BRAD WATSON LETTER OF CREDIT NUMBER: SLCSSEA02290 A/v�A EXPIRY DATE: SEPTEMBER 16, 2006 AT: OUR COUNTERS PRESENTLY LOCATED AT 1420 FIFTH AVENUE, 9TH FLOOR, INTERNATIONAL DEPARTMENT, SEATTLE, WA, 98101 ON OR BEFORE 5:00 P.M. OR AT 101 S. CAPITOL BLVD, 8TH FLOOR, SUITE 814, AND ATTN: GARY DEGRANGE, BOISE, ID 83702 AT 5:00 P.M. BOISE TIME. ------------------------------------------------------- AMOUNT U.S. $68,862.20 NOT EXCEEDING: SIXTY EIGHT THOUSAND EIGHT HUNDRED SIXTY TWO AND 20/100 U.S. DOLLARS WE HEREBY ISSUE THIS IRREVOCABLE STANDBY LETTER OF CREDIT AVAILABLE BY YOUR DRAFT(S) DRAWN AT SIGHT ON U.S. BANK NATIONAL ASSOCIATION AND ACCOMPANIED BY THE FOLLOWING DOCUMENTS: 1. A STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED INDIVIDUAL OF THE BENEFICIARY STATING THAT THE AMOUNT OF DRAFT DRAWN REPRESENTS FUNDS DUE THE CITY OF MERIDIAN DUE TO THE FAILURE OF PARAMOUNT DEVELOPMENT, INC. TO COMPLETE THE SEWER, WATER, PRESSURIZED IRRIGATION, STREET LIGHTS, AND FENCING IN PARAMOUNT SUBDIVISION NO. 8. 2. THE ORIGINAL OF THIS LETTER OF CREDIT, INCLUDING ANY AMENDMENTS, MUST BE SUBMITTED TO THE BANK FOR OUN ENDORSEMENT OF ANY PAYMENTS EFFECTED BY US AND/OR FOR CANCELLATION. ADDITIONAL CONDITIONS: 1. PARTIAL DRAWINGS ALLOWED 2. ALL BANKING CHARGES OTHER THAN THOSE OF THE ISSUING BANK ARE FOR ACCOUNT OF THE BENEFICIARY. DRAFTS DRAWN UNDER THIS CREDIT MUST BEAR THE CLAUSE: "DRAWN UNDER U.S. BANK NATIONAL ASSOCIATION IRREVOCABLE STANDBY LETTER OF CREDIT NO. SLCSSEA2290". THIS CREDIT IS SUBJECT TO "THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS" (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500". THIS PAGE I FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA02290 embank. Five St., Ser ,i G..ma d WE HEREBY ENGAGE WITH YOU THAT DRAFT(S) DRAWN AND/OR DOCUMENTS PRESENTED UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION TO US. DRAFT(S) AND DOCUMENTS MUST BE PRESENTED TO OUR OFFICE AT U.S. BANK NATIONAL ASSOCIATION, INTERNATIONAL DEPARTMENT, 1420 5TH AVENUE, 9TH FLOOR, SEATTLE, WA 98 10 1, OR AT 101 S. CAPITOL BLVD., BS-ID-CB8, 8TH FLOOR, SUITE 814, BOISE, IDAHO 83702, ATTN: GARY DEGRANGE IN PERSON, OR BY OVERNIGHT COURIER, ON OR BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT. U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL BANKING DIVISION AUTHORIZED SIGNATURE Gloria Warrick Letter of Credit otficer THIS PAGE 2 FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA02290 Obi LL 0 Q v.. 11 �1 't