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Home My WebLink AboutBonding, Signing, Recording Final PlatCITY OF C�W6YlG�1G�"yI, IDAHO a CFN eR /u, TREASURE V n1� SINCE 1903 MAYOR I 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 13, 2006 11000W*4�� LAND ♦PRO o F V F L o r &1 E N T SHAWN BROWNLEE PROJECT MANAGER 2364 S. TITANIUM PLACE ♦ MERIDIAN, ID 83642 208.895.8858 • FAx 208.895.0714 • shawn@lndpro.com CELL 208.573.2897 Renne R. Ditton International Banking Department Washington Trust Bank P.O. Box 2127 Spokane, WA 99210-2127 509-353-4177 fax 509-353-3905 Re: Return Letter of Credit for Lyndhurst Grove Subdivision for Land Pro Development, Inc. After a site inspection and review of Lyndhurst Grove Subdivision project by the Planning Department and the Public Works Department, it has been determined to release the Letter of Credit of $268,571.84 to you for the completed site improvements of water, sewer, street lights, landscaping, fencing, and pressurized irrigation. Please use this letter as authorization for Washington Trust Bank to release the Irrevocable Standby Letter of Credit No. 22693. If you have any questions please contact me. Thank you for your cooperation. Sincerely jZ10 William G. Berg, Jr. City Clerk Enclosure �I A r,ts n j�" a ✓Z.,Iv--, -13- o [z SFS CITY HALL 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 Washirm3t0nTrust Bank III, IRREVOCABLE STANDBY LETTER OF CREDIT NO. 22693 AMOUNT: $268,571.84 DATE: OCTOBER 25, 2005 City of Meridian Attn: Will Berg 33 E. Idaho Ave. Meridian, ID 83642 Gentlemen: We hereby establish our Irrevocable Standby Letter of Credit No. 22693 in your favor for the account of LAND PRO DEVELOPMENT, INC., 114 E. Idaho Ave., Suite 230, Meridian, ID 83642, up to the aggregate amount of TWO HUNDRED SIXTY EIGHT THOUSAND FIVE HUNDRED SEVENTY ONE AND 84/100 -------- Dollars ($268,571.84) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington Trust Bank on or before OCTOBER 25, 2006 covering Lyndhurst Grove Subdivision and accompanied by the following: 1. A signed statement from City of Meridian reading exactly as follows: "I, the undersigned duly authorized representative of City of Meridian, hereby certify that the draft drawn under this Letter of Credit represents the amount of money required to complete the subdivision improvements at Lyndhurst Grove Subdivision." 2. The original of this Letter of Credit. All drafts presented under the credit must contain the clause 'Drawn under Washington Trust Bank Letter of Credit No. 22693". Any and all banking charges, other than those of the issuing bank, are for the account of the beneficiary. We hereby engage with the drawers and bona fide holders of drafts drawn under and in compliance with the terms of this Letter of Credit that the drafts will be duly lionored upon presentation and delivery of documents, as specified, to Washington Trust Bank, Fairview Branch, 3251 E. Presidential Drive, Meridian, ID 83642, on or before OCTOBER 25, 2006. All drawings under this credit will be governed by the Uniform Customs & Practice for Documentary Credits (1993 Revision) International Chamber of Commerce Publication No. 500. Sincerely, Renne R. Ditton Assistant Vice President International Banking Department Washington Trust Financial Center P. O. Box 2127, Spokane, Washington 99210-2127 (509) 353-4177 Fax (509) 353-3905 SURETY SPREADSHEET Project Name: Date Compiled: Letter of Credit/Bond No.: Issued By: Expiration Date: Check No.: Item Lyndhurst Grove 11/21/2005 22693 Washington Trust Bank 10/25/2006 Unfinished Partial Surety Party Responsible For Si n -Off Date Signed Off/ Person Comments Sanitary Sewer -internal $39,343.40 $3,934.34 $43,277.74 Public Works 7/7/06 TJ Sanitary Sewer -offsite $44,361.20 $4,436.12 $48,797.32 7/7/06 TJ Water -internal $53,556.00 $5,355.60 $58,911.60 Public Works 7/7/06 TJ Water- Offsite $10,173.20 $1,017.32 $11,190.52 Public Works 7/7/06 TJ Street Lights $7,302.00 $730.20 $8,032.20 Building 3/21/06 JW Landscaping $23,170.00 $2,317.00 $25,487.00 PZ 5/8/06 KV Pathways $0.00 $0.00 PZ Fencing $29,138.92 $2,913.89 $32,052.81 PZ 3/9/06 KV Tiling $0.00 $0.00 PZ Pressurized Irrigation $37,111.50 $3,711.15 $40,822.65 NMID 5/17/06 NMID Gravity Irrigation $0.00 $0.00 NMID Other: $0.00 $0.00 PW $0.00 $0.00 $0.00 $0.00 $0.00 1 $0.00 TOTAL: $244,156.22 $24,415.62 7/10/06 READY TO RELEASE IN FULL KG $268,571.84 Page 1 of 1 Sharon Smith From: Karie Glenn Sent: Thursday, July 13, 2006 2:31 PM To: Sharon Smith Subject: FW: Lyndhurst Grove -LOC RELEASE Attachments: Lyndhurst Grove.xls Here is what I sent to Will -- THANKS! From: Karie Glenn Sent: Monday, July 10, 2006 11:48 AM To: Will Berg Subject: Lyndhurst Grove -LOC RELEASE attached detail sheet ready to release in full 7/13/2006 NOV 18 2005 City of Meridian City Cleric Office To: Will Berg From: Lenard A Grady, P.E. CC: File, Kane, P & Z Staff Date: 11/17/05 Re: Lyndhurst Grove 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. 22693(Washington Trust Bank — dated 10/25/05) for $268,571.84. This represents surety for items, and in amounts, listed on the attached spreadsheet. Please call Clint Hansen w/ Bailey Engineedng 2 938-0013 when the plat is ready to be picked up. Please call me if you have any questions. Thank you. From the desk of... Lenard A Grady, P.E. City Engineer Meridian Public Works Department 660 E. Wate tower Lane, Suite 200 Meridian, Idaho 83642 (208) 898-5500 • Page 1 Fax: (208) 898-9551 ade 6.ainecdianellv.or� Washington Trust Bank r1j, IRREVOCABLE STANDBY LETTER OF CREDIT NO. 22693 AMOUNT: $268,571.84 DATE: OCTOBER 25, 2005 City of Meridian Attn: Will Berg 33 E. Idaho Ave. Meridian, ID 83642 Gentlemen: We hereby establish our Irrevocable Standby Letter of Credit No. 22693 in your favor for the account of LAND PRO DEVELOPMENT, INC., 114 E. Idaho Ave., Suite 230, Meridian, ID 83642, up to the aggregate amount of TWO HUNDRED SIXTY EIGHT THOUSAND FIVE HUNDRED SEVENTY ONE AND 84/100 -------- Dollars ($268,571.84) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington Trust Bank on or before OCTOBER 25, 2006 covering Lyndhurst Grove Subdivision and accompanied by the following: 1. A signed statement from City of Meridian reading exactly as follows: 1, the undersigned duly authorized representative of City of Meridian, hereby certify that the draft drawn under this Letter of Credit represents the amount of money required to complete the subdivision improvements at Lyndhurst Grove Subdivision." 2. The original of this Letter of Credit. All drafts presented under the credit must contain the clause 'Drawn under Washington Trust Bank Letter of Credit No. 22693". Any and all banking charges, other than those of the issuing bank, are for the account of the beneficiary. We hereby engage with the drawers and bona fide holders of drafts drawn under and in compliance with the terms of this Letter of Credit that the drafts will be duly honored upon presentation and delivery of documents, as specified, to Washington Trust Bank, Fairview Branch, 3251 E. Presidential Drive, Meridian, ID 83642, on or before OCTOBER 25, 2006. All drawings under this credit will be governed by the Uniform Customs & Practice for Documentary Credits (1993 Revision) International Chamber of Commerce Publication No. 500. Sincerely, Renne R. Ditton Assistant Vice President International Banking Department Washington Trust Financial Center P. O. Box 2127, Spokane, Washington 99210-2127 (509) 353-4177 Fax (509) 353-3905 LL C) Q