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Home My WebLink AboutBonding, Signing, and Recording Final PlatMAYOR 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 August 30, 2006 Lavon A. Kordash International Banking Department Washington Trust Bank P.U. Box 2127 Spokane, WA 99210-2127 509-353-4177 fax 509-353-3905 Re. Return Letter of Credit for Strada Bellissima Subdivision for Strada Bellissima, LLC After a site inspection and review of Strada Bellissima Subdivision Project by the Planning Department and the Public Works Department, it has been determined to release the Letter of Credit of $207,857.73 to you for the completed site improvements of streetlights, landscaping and fencing. Please use this letter as authorization for Washington Trust Bank to release the Irrevocable Standby Letter of Credit No. 22642. If you have any questions please contact me. Thank you for your cooperation. Sincerely 0400 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 CITY OFIX •. IDAHO }` ��` TREASURE V LEY SINCE 1993 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 August 30, 2006 Lavon A. Kordash International Banking Department Washington Trust Bank P.U. Box 2127 Spokane, WA 99210-2127 509-353-4177 fax 509-353-3905 Re. Return Letter of Credit for Strada Bellissima Subdivision for Strada Bellissima, LLC After a site inspection and review of Strada Bellissima Subdivision Project by the Planning Department and the Public Works Department, it has been determined to release the Letter of Credit of $207,857.73 to you for the completed site improvements of streetlights, landscaping and fencing. Please use this letter as authorization for Washington Trust Bank to release the Irrevocable Standby Letter of Credit No. 22642. If you have any questions please contact me. Thank you for your cooperation. Sincerely 0400 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 Washington Trust Bank 11 IRREVOCABLE STANDBY LETTER OF CREDIT NO. 22642 AMOUNT: $207,857.73 DATE: AUGUST 26, 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. 22642 in your favor for the account of STRADA BELLISSIMA, L.L.C., 9560 W. Pebble Brook Lane, Garden City, ID 83714-1762, up to the aggregate amount of TWO HUNDRED SEVEN THOUSAND EIGHT HUNDRED FIFTY SEVEN AND 73/100 --------Dollars ($207,857.73) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington Trust Bank on or before AUGUST 26, 2006 covering Strada Bellissima Subdivision Phase 1 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 Strada Bellissima Subdivision Phase 1." 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. 22642". 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 AUGUST 26, 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, t s�on A. Kordas Corporate Banking Officer 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: STRADA BELLISSIMA Date Compiled: 9/16/2005 Letter of Credit/Bond No.: 22642 Issued By: Washington Trust Bank Expiration Date: 8/26/2006 Check No.: na Party Responsible Date Signed Off/ Item Unfinished Partial Surety For Sign -Off Person Comments Sanitary Sewer -internal $0.00 $0.00 Public Works Sanitary Sewer -offsite $0.00 $0.00 Water -internal $0.00 $0.00 Public Works Water- Offsite $0.00 $0.00 Public Works Street Lights $19,879.00 $1,987.90 $21,866.90 Building 3/24/06 JW Landscaping $138,548.00 $13,854.80 $152,402.80 PZ 8/28/06 CH Pathways $0.00 $0.00 PZ Fencing $30,534.57 $3,053.46 $33,588.03 PZ 11/24/05 JW Tiling $0.00 $0.00 PZ Pressurized Irrigation $0.00 $0.00 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: $188,961.57 $18,896.16 $207,857.73 authorized reduction: $55,454.93 7/18/06 KG BALANCE TO REMAIN: $152,402.80 8/28/06 READY TO RELEASE IN FULL - KG Page 1 of 1 Will Berg From: Karie Glenn Sent: Monday, August 28, 2006 2:33 PM To: Will Berg Subject: Strada Bellissima (slf)- loc release Attachments: Strada Bellissima (slf).xls attached detail sheet -- Please release. THANKS 9/1/2006 Page 1 of 1 Will Berg From: C. Caleb Hood Sent: Monday, August 28, 2006 11:56 AM To: Karie Glenn; Mindi Smith; Reta Cunningham; Will Berg Cc: Ryan Smith Subject: Strada Bellisima #1 The Planning Department required improvements for this phase of the development have been completed. As far as the Planning Department is concerned, the Letter of Credit the City is holding for landscaping, fencing, pathways, etc. may be released for Strada Bellisima Phase #1. Please contact me with any questions. Thank you C. Caleb Hood Current Planning Manager Meridian Planning Department 660 E. Watertower Lane Meridian, ID 83642 208.884.5533 208.888.6854 (fax) Vision without action is a daydream. Action without vision is a nightmare. 9/l/2006 WashingtonTrust Bank 11 IRREVOCABLE STANDBY LETTER OF CREDIT NO. 22642 AMOUNT: $207,857.73 DATE: AUGUST 26, 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. 22642 in your favor for the account of STRADA BELLISSIMA, L.L.C., 9560 W. Pebble Brook Lane, Garden City, ID 83714-1762, up to the aggregate amount of TWO HUNDRED SEVEN THOUSAND EIGHT HUNDRED FIFTY SEVEN AND 73/100 --------Dollars ($207,857.73) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington Trust Bank on or before AUGUST 26, 2006 covering Strada Bellissima Subdivision Phase 1 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 Strada Bellissima Subdivision Phase 1." 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. 22642". 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 AUGUST 26, 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, �JvonA. Kordas Corporate Banking Officer International Banking Department Washington Trust Financial Center P. O. Box 2127, Spokane, Washington 99210-2127 (509) 353-4177 Fax (509) 353-3905 Page 1 of 1 Will Berg From: Karie Glenn Sent: Tuesday, July 25, 2006 4:24 PM To: Will Berg Subject: Strata Bellissima - LOC release Importance: High Please fax the release letter for 22641 Washington Trust Bank to 887-7781 (Ryan w/ Pinnacle) They are very anxious in getting that. emailed release request on the 7/18/06.. 7/25/2006 ** TX CONFIRMATION REPORT ** DATE TIME TO/FROM 05 07/26 15:17 208 887 7781 CITY orIglb M' ``I ^ "�-pit_. . IDAHO 1� a` Fye Ty Y.Y. ]'�y.ti. FE V nLL�Y -cc 1"a MAYOR Tammy de Weerd CITY COUNCIL MEMBERS Keith Bird Joseph W. Borton Charles M. Rountree Shaun Wardle I July 20, 2006 CITY DE?---RTMENTS AS OF JUL 26 106 15:18 PAGE.01 CITY OF MERIDIAN MODE MIN/SEC PGS CMD# STATUS EC --S 00'41" 002 010 OK City Attorney/HR 703 stri er Lavon A. Kordash 06 898-555506 (City Attorley) international Banking Department 898.5503 (HR) Washington Trust Bank Fax 884.8723 P.O, Box 2127 Fire Spokane, WA 99210-2127 540 E. Franklin road 509-353-4177 fax 509-353-3905 888-1234 / fax 895-0.390 Parks 8r Recreation Re: Return Letter of Credit for Strada Bel issima Subdivision 17 t ower Street 388-:1-3 599 /fax 898-5501 for Strada Behissima, LLC Planning 660 L. "'atertower Lan After a site inspection and review of Strada Bellissima Subdivision Project c. SW tc 202 by the Planning Department and the Public Works Department, it has 884-553 /fax 888-6844 been determined to release the Letter of Credit of $467,300, 00 to you for the completed site improvements of sew®r, water, pressurized irrigation 1401 1401 Watertower781fax and gravity irrigation. Please use this letter as authorization for 888-6 6 846-7366G6 Washington Trust Bank to release the irrevocable Standby Letter of Credit No. 22641, RlUlic works 660 E. Watertower T.ane shite 200 If you have any questions please contact me. Thank you for your 8985500 / fax b'95-9757 cooperation. Building 600 E. Watertower Lane Sincerely SUA,t 150 857-2211/ fax 887-1297 � Wastewater � � C`i�i�%r/t/ 3401 N. Ten Mile Road 888-2'191/fax 884-0744 William G. Berg, Jr. City Clerk Water 2235 N.W. 8th Street 886-5242 / fax 884-1159 Enclosure CM I'3ALL 33 FAST IDAHO AVENUE MERIDIAN, IDAFIO 83642 (208) 888-4433 CIIY CLERK FAX SBS -4218 FINANCE & UTILrIY BILLING - FAX 687.4913 MAYOR'S OFFICE -FAX 8816119 Printed on recycled piper 1� Nix CITY OF IDAHO h F ff f. C�ryreR /rye TREASURE VY 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 20, 2006 Lavon A. Kordash 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 Strada Bellissima Subdivision for Strada Bellissima, LLC After a site inspection and review of Strada Bellissima Subdivision Project by the Planning Department and the Public Works Department, it has been determined to release the Letter of Credit of $467,300. 00 to you for the completed site improvements of sewer, water, pressurized irrigation and gravity irrigation. Please use this letter as authorization for Washington Trust Bank to release the Irrevocable Standby Letter of Credit No. 22641. If you have any questions please contact me. Thank you for your cooperation. Sincerely ,Z 0 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 IRREVOCABLE STANDBY LETTER OF CREDIT NO. 22641 AMOUNT: $467,300.00 DATE: AUGUST 26, 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. 22641 in your favor for the account of STRADA BELLISSIMA, L.L.C., 9560 W. Pebble Brook Lane, Garden City, ID 83714-1762, up to the aggregate amount of FOUR HUNDRED SIXTY SEVEN THOUSAND THREE HUNDRED AND NO/100 -- ------Dollars ($467,300.00) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington Trust Bank on or before AUGUST 26, 2006 covering Strada Bellissima Subdivision Phase 1 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 Strada Bellissima Subdivision Phase 1." 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. 22641 ". 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 AUGUST 26, 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, aeon A. Ko ash Corporate Banking Officer International Banking Department Washington Trust Financial Center P. O. Box 2127, Spokane, Washington 99210-2127 (509) 353-4177 Fax (509) 353-3905 C1ry OF R -t Cql(cY1rn IDAHO C� ANTER TREASURE V, 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 20, 2006 Lavon A. Kordash 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 Strada Bellissima Subdivision for Strada Bellissima, LLC After a site inspection and review of Strada Bellissima Subdivision Project by the Planning Department and the Public Works Department, it has been determined to release the Letter of Credit of $467,300. 00 to you for the completed site improvements of sewer, water, pressurized irrigation and gravity irrigation. Please use this letter as authorization for Washington Trust Bank to release the Irrevocable Standby Letter of Credit No. 22641. If you have any questions please contact me. Thank you for your cooperation. Sincerely 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 Sr UTILITY BILLING- FAX 887-4813 MAYOR'S OFFICE -FAX 884-8119 Printed on recycled paper Washir Kjton Trust Bank rill IRREVOCABLE STANDBY LETTER OF CREDIT NO. 22641 AMOUNT: $467,300.00 DATE: AUGUST 26, 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. 22641 in your favor for the account of STRADA BELLISSIMA, L.L.C., 9560 W. Pebble Brook Lane, Garden City, ID 83714-1762, up to the aggregate amount of FOUR HUNDRED SIXTY SEVEN THOUSAND THREE HUNDRED AND NO/100 -- ------Dollars ($467,300.00) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington Trust Bank on or before AUGUST 26, 2006 covering Strada Bellissima Subdivision Phase 1 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 Strada Bellissima Subdivision Phase 1." 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. 22641 ". 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 AUGUST 26, 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, avon A. Ko ash Corporate Banking Officer 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 STRADA BELLISSIMA 9/16/2005 22641 Washington Trust Bank 8/26/2006 na Unfinished Partial S u rety Party Responsible For Sign -Off Date Signed Off/ Person Comments Sanitary Sewer -internal $113,250.00 $0.00 $113,250.00 Public Works 7/18/06 TJ Sanitary Sewer -offsite Water -internal Water- Offsite $0.00 $0.00 $147,250.00 $0.00 $147,250.00 Public Works 7/18/06 TJ $0.00 $0.00 Public Works Street Lights $0.00 $0.00 Building Landscaping $0.00 $0.00 PZ Pathways $0.00 $0.00 PZ Fencing $0.00 $0.00 PZ Tiling $0.00 $0.00 PZ Pressurized Irrigation $145,000.00 $14,500.00 $159,500.00 NMID 5/2/06 NMID Gravity Irrigation $43,000.00 $4,300.00 $47,300.00 NMID 5/2/06 NMID Other: $0.00 $0.00 PW $0.00 $0.00 $0.00 $0.00 $0.00 1$0.001 1 TOTAL: $448,500.00 $18,800.00 7/18/06 READY TO RELEASE IN FULL KG $467,300.00 Page 1 of 1 Will Berg From: Karie Glenn Sent: Tuesday, July 18, 2006 2:39 PM To: Will Berg Subject: Strada Bellissima (wspi).xls Attachments: Strada Bellissima (wspi).xls detail sheet attached. 7/18/2006 City of Meridian Lenard A Grady, P.E. CC: File, Karie, P & Z Staff Public 9/9/05 Works Strada Belliissima Dept. Memo To: Will Berg From: Lenard A Grady, P.E. CC: File, Karie, P & Z Staff Date: 9/9/05 Re: Strada Belliissima RECEIVED SEP - 9 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 letters of credit No. 22641 (Washington Trust Bank — dated 8/26/05) for $467,300.00 and No. 22642 (Washington Trust Bank — dated 8/26/05) for $207,857.73. These represent surety for items, and in amounts, listed on the attached spreadsheet. 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) 898-9551 0 Page 1 padyl(a merdiancity.og WashingtonTrust Bank r1j, IRREVOCABLE STANDBY LETTER OF CREDIT NO. 22641 AMOUNT: $467,300.00 DATE: AUGUST 26, 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. 22641 in your favor for the account of STRADA BELLISSIMA, L.L.C., 9560 W. Pebble Brook Lane, Garden City, ID 83714-1762, up to the aggregate amount of FOUR HUNDRED SIXTY SEVEN THOUSAND THREE HUNDRED AND NO/100 -- ------Dollars ($467,300.00) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington Trust Bank on or before AUGUST 26, 2006 covering Strada Bellissima Subdivision Phase 1 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 Strada Bellissima Subdivision Phase 1." 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. 22641 ". 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 AUGUST 26, 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, avon A. Ko ash Corporate Banking Officer International Banking Department Washington Trust Financial Center P. O. Box 2127, Spokane, Washington 99210-2127 (509) 353-4177 Fax (509) 353-3905 Washington Trust Bank r1j, IRREVOCABLE STANDBY LETTER OF CREDIT NO. 22642 AMOUNT: $207,857.73 DATE: AUGUST 26, 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. 22642 in your favor for the account of STRADA BELLISSIMA, L.L.C., 9560 W. Pebble Brook Lane, Garden City, ID 83714-1762, up to the aggregate amount of TWO HUNDRED SEVEN THOUSAND EIGHT HUNDRED FIFTY SEVEN AND 73/100 --------Dollars ($207,857.73) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington Trust Bank on or before AUGUST 26, 2006 covering Strada Bellissima Subdivision Phase 1 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 Strada Bellissima Subdivision Phase 1." 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. 22642". 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 AUGUST 26, 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, von A. Kordas Corporate Banking Officer International Banking Department Washington Trust Financial Center P. O. 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