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HomeMy WebLinkAboutBonding, Signing, Recording Final PlatCITY OF=- C�m �YIG�1G�"YI IDAHO � /✓j TRF.. �SL REV •u-ei 1903 MAYOR Tammy de Weerd CITY COUNCIL MEMBERS William L. M. Nary Keith Bird Charles M. Rountree Shaun Wardle CITY DEPARTMENTS Fire 540 E. Franklin Road 888-1234/fax 895-0390 Parks & Recreation 11 E. Bower Street 888-3579/fax 898-5501 Planning & Zoning 660 E. Watertower Lane Suite 202 884-5533/fax 888-6854 Police 1401 E. Watertower Lane 888-6678/fax 846-7366 Public Works 660 E. Watertower Lane Suite 200 898-5500/fax 898-9551 - Building 660 E. Watertower Lane Suite 150 887-2211/fax 887-1297 - Sewer (WWTP) 3401 N. Ten Mile Road 888-2191/fax 884-0744 - Water 2235 N. W. 8th Street 888-5242/fax 884-1159 January 4, 2005 Wally Lee Farmers & Merchants State Bank 209 N. 12th Street Boise, ID 83702 334-7848 fax 343-7979 Re. Return Letter of Credit for Stokesberry Subdivision # 2 After a site inspection and review of Stokesberry Subdivision # 2 Project by the Planning & Zoning Department and the Public Works Department, it has been determined to release the Letter of Credit of $78,666.84 to you for the completed site improvements of water, sewer, storm drains and pressurized irrigation. Please use this letter as authorization for Farmers & Merchants State Bank to release the Irrevocable Standby Letter of Credit No. 674. 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 CITI' CLERK—FAx 888-4218 HUb1AN RESOURCES—FAX 884-8723 FINANCE & UTILITY BILLING—FAX 887-4813 biAYOR'S OFFICE—FAX 884-8119 FARMERS & MERCHANTS IIIA STATE BANK IRREVOCABLE LETTER OF CREDIT Letter of Credit No. 674 Date: July 15, 2004 Expiration date: January 15, 2004 At the counters of Farmers & Merchants State Bank 209 N 12'h, Boise, ID 83702 City Of Meridian 209 N. 121, STREET 660 E -^ratertower Ln., Ste 202 BOISE, ID 83702 Meridian, Id 83642 TEL 208.343.7848 RE: Stokesberry Subdivision No. 2 FAx 208.343.7979 www.fmsb.com To Whom it May Concern: Farmers & Merchants State Bank hereby establishes in favor of City of Meridian (Beneficiary) for the account of Properties West, Inc. our Irrevocable Letter of Credit in B o I s E the amount of Seventy eight thousand six hundred sixty six dollars and eighty three cents ($78,666.83) available by immediate payment upon presentation of Beneficiary's sight draft drawn on Farmers & Merchants State Bank in an amount not exceeding the credit C A,. D fib' E E. I_ hereby established. The draft will reference the letter of credit number and be accompanied by. - 1 - y: 1. The original of this letter of credit and any subsequent amendments. F a v I T I A v D 2. Beneficiary's signed statement that Properties West, Inc. has failed to complete the specific items for Stokesberry No. 2, as detailed below and required by certain Agreement between City of Meridian and Properties West, Inc. GARDEN CITY A) Sewer- Internal B) Water - Inertnal $15,375.42 $33,765.22 C) Storm Drains $22,954.80 D) Pressure Irrigation — Internal MERIDIAN $ 6,571..40 We hereby promise to Beneficiary that any drafts drawn under the terms of this Irrevocable Letter of Credit will be duly honored if presented to us by January 15, 2004. Partial drawings are permitted. NAM PA This letter of credit subject to the Uniform Customs and Practice of Documentary Credit (1993 Revision), International Chamber of Commerce Publication Number 500. Farmers & Merchants State Bank, Boise Office B' Wally Le , . Co mercial Loan Officer FARMERS & 209 N. 121, STREET BOISE, ID 83702 TEL 208.343.7848 FAx 208.343.7979 www.fmsb.com Bo1sE FRUITLANI) GARDEN CITY MERIDIAN NAM PA MERCHANTS STATE BANK IRREVOCABLE LETTER OF CREDIT Letter of Credit No. 674 Date: July 15, 2004 Expiration date: January 15, 2005 At the counters of Farmers & Merchants State Bank 209 N 12th, Boise, ID 83702 City Of Meridian 660 E Watertower Ln., Ste 202 Meridian, Id 83642 RE: Stokesberry Subdivision No. 2 To Whom it May Concern: Farmers & Merchants State Bank hereby establishes in favor of City of Meridian (Beneficiary) for the account of Properties West, Inc. our Irrevocable Letter of Credit in the amount of Seventy eight thousand six hundred sixty six dollars and eighty three cents ($78,666.83) available by immediate payment upon presentation of Beneficiary's sight draft drawn on Farmers & Merchants State Bank in an amount not exceeding the credit hereby established. The draft will reference the letter of credit number and be accompanied by: 1. The original of this letter of credit and any subsequent amendments. 2. Beneficiary's signed statement that Properties West, Inc. has failed to completed the specific items for Stokesberry Subdivision no. 2 detailed below required by certain Agreement between City of Meridian and Properties West, Inc. A) Sewer - Internal $15,375.42 B) Water - Inertnal $33,765.22 C) Storm Drains $22,954.80 D) Pressure Irrigation — Internal $ 6,571..40 We hereby promise to Beneficiary that any drafts drawn under the terms of this Irrevocable Letter of Credit will be duly honored if presented to us by January 15, 2005. Partial drawings are permitted. This letter of credit subject to the Uniform Customs and Practice of Documentary Credit (1993 Revision), International Chamber of Commerce Publication Number 500. Farmers & Merchants State Bank, Boise Office Wally Lem. & Comrhercial Coan Officer SURETY SPEADSHEET Project Name: Stokesberry #2 Date Compiled: 8/2/2004 Letter of Credit/Bond No.: 674 Issued By: Farmers & Merchants Expiration Date: 1115!2006 Check No.: na Party Responsible Date Signed Off/ Unfinished 10%gu For Si n -Off Person Comments Item Sanitary Sewer -internal $13,977.65 $1,397.77 $15,375.42 Public Works 1/3/05 RF Sanitary Sewer -offsite $30,695.65 $3,069.57 $33.765.22 Public Works 1/3/05 RF reduce to 1096--3069.57 Water4ntemal Water- Offsite $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 $5,974.00 $597.40 $6,571.40 Public Works 113/05 RF Gravity Irrigation $0.00 $0.00 NMID Other: Storm Drain $20,868.00 $2,086.80 $22.954.80 1/3105 RF $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 TOTAL: $71,515.30 $71151.53 $78,666.83 1/3/05 READY TO RELEASE IN FULL- KG Message Will Berg From: Karie Glenn [glennk@meridiancity.org] Sent: Tuesday, January 04, 2005 8:25 AM To: watsonb@meridiancity.org; bergw@meridiancity.org Subject: Stokesberry #2.xls Detail sheet attached in order to release a LOC. THANKS. 1/4/2005 Page 1 of 1 i FARMERS & MERCHANTS STATE BANK 209 N. 121, STREET BOISE, ID 83702 TEL 208.343.7848 FAx 208.343.7979 www.fmsb.com Bolsi. CAL DIVE: LI FRUITLAND GARDEN CITY MERIDIAN NAIM PA IRREVOCABLE LETTER OF CREDIT City Of Meridian 660 E Watertower Ln., Ste 202 Meridian, Id 83642 RE: Stokesberry Subdivision No. 2 To Whom it May Concern: Letter of Credit No. 674 Date: July 15, 2004 Expiration date: January 15, 2004 At the counters of Farmers & Merchants State Bank 209 N 12th, Boise, ID 83702 Farmers & Merchants State Bank hereby establishes in favor of City of Meridian (Beneficiary) for the account of Properties West, Inc. our Irrevocable Letter of Credit in the amount of Seventy eight thousand six hundred sixty six dollars and eighty three cents ($78,666.83) available by immediate payment upon presentation of Beneficiary's sight draft drawn on Farmers & Merchants State Bank in an amount not exceeding the credit hereby established. The draft will reference the letter of credit number and be accompanied by: 1. The original of this letter of credit and any subsequent amendments. 2. Beneficiary's signed statement that Properties West, Inc. has failed to complete the specific items for Stokesberry No. 2, as detailed below and required by certain Agreement between City of Meridian and Properties West, Inc. A) Sewer - Internal $15,375.42 B) Water - Inertnal $33,765.22 C) Storm Drains $22,954.80 D) Pressure Irrigation — Internal $ 6,571..40 We hereby promise to Beneficiary that any drafts drawn under the terms of this Irrevocable Letter of Credit will be duly honored if presented to us by January 15, 2004. Partial drawings are permitted. This letter of credit subject to the Uniform Customs and Practice of Documentary Credit (1993 Revision), International Chamber of Commerce Publication Number 500. Farmers & Merchants State Bank, Boise Office 3 Wally Le . Co mercial Loan Officer I FARMERS & MERCHANTS STATE BANK 209 N. 121H STREET BOISE, ID 83702 TEL 208.343.7848 FAx 208.343.7979 www.fmsb.com BoisE CALDWFLI, FRU IT LANs GARDEN CM MERIDIAN NAXIPA IRREVOCABLE LETTER OF CREDIT Letter of Credit No. 674 Date: July 15, 2004 Expiration date: January 15, 2005 At the counters of Farmers & Merchants State Bank 209 N 12th, Boise, ID 83702 City Of Meridian 660E Watertower Ln., Ste 202 Meridian, Id 83642 RE: Stokesberry Subdivision No. 2 To Whom it May Concern: Farmers & Merchants State Bank hereby establishes in favor of City of Meridian (Beneficiary) for the account of Properties West, Inc. our Irrevocable Letter of Credit in the amount of Seventy eight thousand six hundred sixty six dollars and eighty three cents ($78,666.83) available by immediate payment upon presentation of Beneficiary's sight draft drawn on Farmers & Merchants State Bank in an amount not exceeding the credit hereby established. The draft will reference the letter of credit number and be accompanied by: 1. The original of this letter of credit and any subsequent amendments. 2. Beneficiary's signed statement that Properties West, Inc. has failed to completed the specific items for Stokesberry Subdivision no. 2 detailed below required by certain Agreement between City of Meridian and Properties West, Inc. A) Sewer - Internal $15,375.42 B) Water - Inertnal $33,765.22 C) Storm Drains $22,954.80 D) Pressure Irrigation — Internal $ 6,571..40 We hereby promise to Beneficiary that any drafts drawn under the terms of this Irrevocable Letter of Credit will be duly honored if presented to us by January 15, 2005. Partial drawings are permitted. This letter of credit subject to the Uniform Customs and Practice of Documentary Credit (1993 Revision), International Chamber of Commerce Publication Number 500. Farmers & Merchants State Bank, Boise Office Wally Lem& Comr6erciarloan Officer 11 i�1 I FARMERS & MERCHANTS �STATE BANK 209 N. 12" STREET BOISE, ID 83702 TEL 208.343.7848 FAx 208.343.7979 www.fmsb.com Boise C A L 1)"'F, 1, I. FRUITLAND GARDEN CITY MERIDIAN NAXIPA IRREVOCABLE LETTER OF CREDIT City Of Meridian 660 E Vatertower Ln., Ste 202 Meridian, Id 83642 RE: Stokesberry Subdivision No, 2 To Whom it May Concern: Letter of Credit No. 674 Date: July 15, 2004 Expiration date: January 15, 2004 At the counters of Farmers & Merchants State Bank 209 N 12th, Boise, ID 83702 Farmers & Merchants State Bank hereby establishes in favor of city of (Beneficiary) for the account of Properties West, Inc. our Irrevocable Letter o the amount of Seventy eight thousand six hundred sixty six dollars and eighty three Meridian ($78,666.83) available by immediate payment upon f Credit in draft drawn on Farmers & Merchants State Bank in an amount not exceeding ree cents p presentation of Beneficiary's sight hereby established. The draft will reference the letter of credit number accompanied by: g the credit and be 1. The original of this letter of credit and any subsequent amendments. 2. Beneficiary's signed statement that Properties complete the specific items for Stokesbep West, Inc. has failed to 2, as belw required by certain Agreement between City Inc. of Meridian andd Properties Westd A) Sewer -Internal B) Water-Inertnal $15,375.42 C) Storm Drains $33,765.22 D) Pressure Irrigation —Internal $22,954.80 We hereby pro $ 6,571..40 mise to Beneficiary Irrevocable Letter of Credit will be my honored iifrprtesent dntouu s by Januarry 1 15, 2004. of this Partial drawings are permitted. This letter of credit subject to the Uniform Customs and Practice of Documentary Credit (1993 Revision), International Chamber of Commerce Publication Number 500. Farmers & Merchants State Bank, Boise Office 3 Wally Co mercial Loan Officer ., E ,m' r� � E :ate AUG 10 2004 City of Meridian City Clerk Office Memo To: Will Berg From: Brad Watson, P.E. CC: File, Karie, Barbara, P&Z Staff Date: 7/30/04 Re: Stokesberry Subdivision No. 2 I have signed the plat mylar for the above project and am returning it to the developer. You had signed the plat previously in anticipation of your absence. Based on our research of the project files, all conditions imposed by the Public Works Department and City Council have been met. am forwarding original Letter of Credit No. 674 (Farmers & Merchants Bank — dated July 15, 2004) for and in the amounts shown on the attached spreadsheet. From the desk of... Brad Watson, P.E. City Engineer Meridian Public Works Department 660 E. Watertower Lane, Suite 200 Meridian, Idaho 83642 (208) 898-5500 Fax: (208) 887-1297 0 Page 1 watsonb@ci.meridian.id.us Q & \ UL 0 CO) ll:t C%4 � � � o k� m o���« • x 2 0 0 0 0. t o .- g g o_ c_ tm N N � 2:2 k k �aa22ma(L ) kq$$k\$\ 2�q�7�Lc) �$fqq 2 LO m000000 k g R 0 R R a k S '1--mo(A¥64x6- 1- a Oo C) 't o 0 0 G goo= o /B2k\ 6 �Jm ma © 6 OR o-, + 2 0 0 0 0 0 0 0 0 � Lf) \ \ ten@ It m ¥20 C09 ¥ C L o n o o U) 6A � � ka 2 � 2 / \ / o \ 0 J c 0 > /�: t 2- g CL 2 HU) 2 2 7 CL o $oaU)-jƒ3/a @ r @ c @ FARMERS & MERCHANTS STATE BANK 209 N. 12" STREET BozsE, ID 83702 TEL 208.343.7848 FAx 208.343.7979 www.fmsb.com BOISE CALDWE(,L F RU I T L A N I, GARDEN CITti MERIDIAN NAAIPA IRREVOCABLE LETTER OF CREDIT Letter of Credit No. 674 Date: July 15, 2004 Expiration date: January 15, 2005 At the counters of Farmers & Merchants State Bank 209 N 12t', Boise, ID 83702 City Of Meridian 660 E Watertower Ln., Ste 202 Meridian, Id 83642 RE: Stokesberry Subdivision No. 2 To Whom it May Concern: Farmers & Merchants State Bank hereby establishes in favor of City of Meridian (Beneficiary) for the account of Properties West, Inc. our Irrevocable Letter of Credit in the amount of Seventy eight thousand six hundred sixty six dollars and eighty three cents ($78,666.83) available by immediate payment upon presentation of Beneficiary's sight draft drawn on Farmers & Merchants State Bank in an amount not exceeding the credit hereby established. The draft will reference the letter of credit number and be accompanied by: 1. The original of this letter of credit and any subsequent amendments. 2. Beneficiary's signed statement that Properties West, Inc. has failed to completed the specific items for Stokesberry Subdivision no. 2 detailed below required by certain Agreement between City of Meridian and Properties West, Inc. A) Sewer - Internal $15,375.42 B) Water - Inertnal $33.765.22 C) Storm Drains $22,954.80 D) Pressure Irrigation — Internal $ 6,571..40 We hereby promise to Beneficiary that any drafts drawn under the terms of this Irrevocable Letter of Credit will be duly honored if presented to us by January 15, 2005. Partial drawings are permitted. This letter of credit subject to the Uniform Customs and Practice of Documentary Credit (1993 Revision), International Chamber of Commerce Publication Number 500. Farmers & Merchants State Bank, Boise Office Wally Lem - & Com ercia oan Officer