HomeMy WebLinkAboutBonding, Signing, Recording Final PlatCITY OF lffl
IDAHO
TREASURE VNl-EY 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 19, 2006
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 Silverleaf Subdivision # 2
for Liberty Development, Inc.
After a site inspection and review of Silverleaf Subdivision # 2 Project by
the Planning Department and the Public Works Department, it has been
determined to release the Letter of Credit of $455,396.52 to you for the
completed site improvements of sewer, water, street lights, landscaping,
fencing, pressurized irrigation and gravity irrigation. Please use this letter
as authorization for Washington Trust Bank to release the Irrevocable
Standby Letter of Credit No. 22591.
If you have any questions please contact me. Thank you for your
cooperation.
Sincerely
4WD
William G. Berg, Jr.
City Clerk
Enclosure
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
Washington Trust Bank rill,
City of Meridian
33 E. Idaho Ave.
Meridian, ID 83642
Attn: Will Berg
Gentlemen:
IRREVOCABLE STANDBY
LETTER OF CREDIT NO. 22591
AMOUNT: $455,396.52
DATE: JUNE 17, 2005
We hereby establish our Irrevocable Standby Letter of Credit No. 22591 in your favor for the account of
LIBERTY DEVELOPMENT, INC., 36 E. Pine Ave., Meridian, ID 83642 up to the aggregate amount of
FOUR HUNDRED FIFTY FIVE THOUSAND THREE HUNDRED NINETY SIX AND 52/100 --------
Dollars ($455,396.52) U.S. currency, available by your draft(s) drawn at sight on us and presented to
Washington Trust Bank on or before JUNE 17, 2006 covering Silverleaf Subdivision #2 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 Silverleaf Subdivision #2."
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. 22591 ".
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 Presidential Drive, Meridian,
Idaho, 83642, on or before JUNE 17, 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,
\-4 ' V �
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
Silverleaf #2
7/26/2005
22591
Washington Trust Bank
607/2006 6/17/2007
Unfinished Partial
Surety
Party Responsible
For Sign -Off
Date Signed Off/
Person Comments
Sanitary Sewer -internal
$50,114.50
$0.00
$50,114.50
Public Works
5/10/06 EA
Sanitary Sewer -offsite
$0.00
$0.00
Water -internal
$54,747.20
$0.00
$54,747.20
Public Works
5/10/06 EA
Water- Offsite
$0.00
$0.00
Public Works
Street Lights
$8,471.00
$847.10
$9,318.10
Building
9/5/05 KG
Landscaping
$122,060.00
$12,206.00
$134,266.00
PZ
7/13/06 KV
Pathways
$0.00
$0.00
PZ
Fencing
$48,874.70
$4,887.47
$53,762.17
PZ
9/26/05 KV
Tiling
$0.00
$0.00
PZ
Pressurized Irrigation
$31,800.65
$0.00
$31,800.65
NMID
11/16/05 MJ
Gravity Irrigation
$121,387.90
$0.00
$121,387.90
NMID
11/16/05 MJ
Other:
$0.00
$0.00
PW
$0.00
$0.00
$0.00
$0.00-
$0.00
$0.00
TOTAL: $437,455.95 $17,940.57
Authorized Release
Balance to Remain:
7/14/06 READY TO RELEASE IN FULL KG
$455,396.52
$321,130 52 6/16/06 kg
$134,266.00
Page 1 of 1
Will Berg
From:
Karie Glenn
Sent:
Friday, July 14, 2006 1:03 PM
To:
Will Berg
Subject:
Silverleaf #2 --LOC RELEASE
Attachments: Silverleaf #2.xls
ATTACHED DETAIL SHEET - READY TO RELEASE IN FULL
7/14/2006
Memo
To: Will Berg
From: Lenard A Grady, P.E.
CC: File, Karie, P & Z Staff
Date: 7/25/05
Re: Silverleaf Subdivision #2
JUL 2 S 2005
City of Meridian
City Clerk Office
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. 22591 (Washington Trust Bank — dated
6/17/05) for $455,396.52. This represents surety for items, and in amounts, listed on the
attached spreadsheet.
Please call Bobi with Bailey Engineering at 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. Watertower Lane, Suite 200
Meridian, Idaho 83642
(208) 898-5500
Fax: (208) 887-1297
• Page 1 gradyl@meridiancity.org
Washington Trust Bank r1j;
City of Meridian
33 E. Idaho Ave.
Meridian, ID 83642
Attn: Will Berg
Gentlemen:
IRREVOCABLE STANDBY
LETTER OF CREDIT NO. 22591
AMOUNT: $455,396.52
DATE: JUNE 17, 2005
We hereby establish our Irrevocable Standby Letter of Credit No. 22591 in your favor for the account of
LIBERTY DEVELOPMENT, INC., 36 E. Pine Ave., Meridian, ID 83642 up to the aggregate amount of
FOUR HUNDRED FIFTY FIVE THOUSAND THREE HUNDRED NINETY SIX AND 52/100 --------
Dollars ($455,396.52) U.S. currency, available by your draft(s) drawn at sight on us and presented to
Washington Trust Bank on or before JUNE 17, 2006 covering Silverleaf Subdivision #2 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 Silverleaf Subdivision #2."
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. 22591 ".
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 Presidential Drive, Meridian,
Idaho, 83642, on or before JUNE 17, 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 99210-2127509
( ) 353-4177 Fax (509) 353-3905
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