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Home My WebLink AboutBonding, Signing, Recording Final PlatCITY OF�> C�erl�rcn j a� I IDAHO cF - Rn d', TREASURE VN�V SINCE 1903 MAYOR Tammy de Weerd CITY COUNCIL MEMBERS Keith Bird Christine Donnell Charles M. Rountree Shaun Wardle CITY DEPARTMENTS 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 / 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 - Wastewater 3401 N. Ten Mile Road 888-2191 / fax 884-0744 - Water 2235 N.W. 8th Street 888-5242 / fax 884-1159 December 6, 2005 Ms. Janet Joireman U. S. Bank — International Department Letter of Credit Department 1420 5th Avenue, 9th Floor Seattle, WA 98101 Re: Return Letter of Credit for Tuscany Village Subdivision # 1 for Tuscany Development, Inc. After a site inspection and review of Tuscany Village Subdivision # 1 by the Planning Department and the Public Works Department, it has been determined to release the Letter of Credit of $243,421.93 and Amendment # 1 to you for the completion of sewer, water, street lights, landscaping, pathways, fencing, pressurized irrigation and tot lot. Please use this letter as authorization for U. S. Bank to release the Irrevocable Letter of Credit No. SLCSSEA01788. If you have any questions please contact me. Thank you for your cooperation. Sincerely William G. Berg, Jr. City Clerk Enclosure CITY MALL 33 EAST IDAHO AVENUE MERIDIAN, IDAHO 83642 (208) 888-4433 CITY CLERK - FAX 888-4218 CITY ATTORNEY / HR - FAX 884-8723 FINANCE & UTILITY BILLING - FAX 887-4813 MAYOR'S OFFICE - FAX 884-8119 Printed on recycled paper bank® Five Star Service Guaranteed 4* U.S. Bank National Association International Dept., WWH-277 1420 Fifth Avenue, 9th Floor Seattle, WA 98101 U.S.A. Phone: 206-344-2398 Fax: 206-344-5369 AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT Amendment Date: JANUARY 26, 2005 Beneficiary: Applicant: CITY OF MERIDIAN TUSCANY DEVELOPMENT, INC. 660 EAST WATERTOWER, SUITE 200 660 E. FRANKLIN, SUITE 220 MERIDIAN, ID 83642 P.O. BOX 344 ATTN: BRAD WATSON MERIDIAN, ID 83680 ---------------------------------------------- Letter of Credit Number Amendment Number SLCSSEA01788 1 ----------------------------------------------- We hereby amend this irrevocable standby letter of credit as follows: 1. Letter of Credit amount is decreased by $222,961.93 to a new available balance of $20,460.00. 2. Expiration date is extended to January 24, 2006. All other terms and conditions remain unchanged. U.S. Bank National Association Seattle, Washington S Au oriz Signature / MAY17 net jcCi"^ ail Asst. Vice President DECEIVED JAN 2 8 2005 City of Meridian City Clerk Office bank®** Five Star Service Guaranteed U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 U.S.A. PHONE: 206-344-2398 FAX: 206-344-5365 IRREVOCABLE STANDBY LETTER OF CREDIT --------------- JULY 20, 2004 BENEFICIARY: APPLICANT: CITY OF MERIDIAN TUSCANY DEVELOPMENT, INC. 660 EAST WATERTOWER, SUITE 200 660 EAST FRANKLIN, SUITE 240 MERIDIAN, ID 83642 P.O. BOX 344 ATTN: BRAD WATSON MERIDIAN, ID 83680 LETTER OF CREDIT NUMBER: SLCSSEA01788 EXPIRY DATE: JULY 19, 2005 AT: OUR COUNTERS PRESENTLY LOCATED AT 1420 FIFTH AVENUE, 9TH FLOOR, INTERNATIONAL DEPARTMENT, SEATTLE, WA, 98101 ON OR BEFORE 5:00 P.M. ------------------------------------------------------------------------------------------------------------------------------ AMOUNT U.S.$243,421.93 NOT EXCEEDING TWO HUNDRED FORTY THREE THOUSAND FOUR HUNDRED TWENTY ONE AND 93/100 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 TO THE CITY OF MERIDIAN DUE TO FAILURE OF TUSCANY DEVELOPMENT, INC. TO COMPLETE THE SEWER, WATER, PRESSURIZED IRRIGATION, STREET LIGHTS, LANDSCAPING, FENCING, TOT LOT AND PATHWAYS ON TUSCANY VILLAGE SUBDIVISION #1. THE ORIGINAL OF THIS LETTER OF CREDIT, INCLUDING ANY AMENDMENTS. 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. SLCSSEA01788". 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. SLCSSEA01788 r bank.�t Five Star Service Guaranteed C�-*% 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 98101, OR BY OVERNIGHT COURIER, ON OR BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT. U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL BANKING'DIVISION UTHO ED SIGNATURE Janet Joireman Letter of Credit Cr"ficer THIS PAGE 2 FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA01788 [Mbank® Five Star Service Guaranteed, 01/26/05 CITY OF MERIDIAN 660 EAST WATERTOWER, MERIDIAN, ID 83642 ATTN: BRAD WATSON PLEASE FIND ATTACHED NUMBER SLCSSEA01788 ACCOUNT OF: U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 PHONE: 206-344-2398 FAX: 206-344-5365 SUITE 200 OUR ORIGINAL AMENDMENT TO OUR LETTER OF CREDIT ISSUED IN FAVOR OF YOURSELVES, FOR THE TUSCANY DEVELOPMENT, INC. 660 E. FRANKLIN, SUITE 220 P.O. BOX 344 MERIDIAN, ID 83680 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 JANET JOIREMAN AT 206-344-2398, MARY ALICE YOUNG AT 206-587-7049. U.S. BANK NATIONAL ASSOCIATION a ------------------- INT NATIO L DEPARTMENnet J0/m an Asst. Vice President ]RECEIVED .JAN 2 7 2005 City of Meridian Public Works Director RECEIVED JAN 2 8 2005 City of Meridian City Clerk Office bank® Five Star Service Guaranteed *t f U.S. Bank National Association International Dept., WWH-277 1420 Fifth Avenue, 9th Floor Seattle, WA 98101 U.S.A. Phone: 206-344-2398 Fax: 206-344-5369 AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT Amendment Date: JANUARY 26, 2005 Beneficiary: I Applicant: CITY OF MERIDIAN TUSCANY DEVELOPMENT, INC. 660 EAST WATERTOWER, SUITE 200 660 E. FRANKLIN, SUITE 220 MERIDIAN, ID 83642 P.O. BOX 344 ATTN: BRAD WATSON MERIDIAN, ID 83680 ------------------------------------------------------------------------- Letter of Credit Number Amendment Number SLCSSEA01788 1 ------------------------------------------------------------------------- We hereby amend this irrevocable standby letter of credit as follows: 1. Letter of Credit amount is decreased by $222,961.93 to a new available balance of $20,460.00. 2. Expiration date is extended to January 24, 2006. All other terms and conditions remain unchanged. U.S. Bank National Association Seattle, Washington �N Au oriz Signature / MAY 1net Je'rernian Asst. Vice President RECEIVED JAN 2 8 2005 City of Meridian City Clerk Office Tank® Five Star Service Guaranteed t.�t) U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 PHONE: 206-344-2398 FAX: 206-344-5365 JULY 20, 2004 CITY OF MERIDIAN 660 EAST WATERTOWER, SUITE 200 MERIDIAN, ID 83642 ATTN: BRAD WATSON PLEASE FIND ATTACHED OUR ORIGINAL STANDBY LETTER OF CREDIT NUMBER SLCSSEA01788 IN FAVOR OF YOURSELVES, FOR THE ACCOUNT OF: TUSCANY DEVELOPMENT, INC. 660 E. FRANKLIN, SUITE 220 P.O. BOX 344 MERIDIAN, ID 83680 KINDLY ADDRESS ALL CORRESPONDENCE REGARDING THIS LETTER OF CREDIT TO THE ATTENTION OF OUR LETTER OF CREDIT DEPARTMENT, 1420 STH 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 IN.9RNATIqtAL DEPARTMENT Janet Joireman Leto:; -r of Credit'' Officer bank® ' tar Service Guaranteed Frve S U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 U.S.A. PHONE: 206-344-2398 FAX: 206-344-5365 IRREVOCABLE STANDBY LETTER OF CREDIT JULY 20, 2004 BENEFICIARY: APPLICANT: CITY OF MERIDIAN TUSCANY DEVELOPMENT, INC. 660 EAST WATERTOWER, SUITE 200 660 EAST FRANKLIN, SUITE 240 MERIDIAN, ID 83642 P.O. BOX 344 ATTN: BRAD WATSON MERIDIAN, ID 83680 LETTER OF CREDIT NUMBER: SLCSSEA01788 EXPIRY DATE: JULY 19, 2005 AT: OUR COUNTERS PRESENTLY LOCATED AT 1420 FIFTH AVENUE, 9TH FLOOR, INTERNATIONAL DEPARTMENT, SEATTLE, WA, 98101 ON OR BEFORE 5:00 P.M. AMOUNT U.S.$243,421.93 NOT EXCEEDING TWO HUNDRED FORTY THREE THOUSAND FOUR HUNDRED TWENTY ONE AND 93/100 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 TO THE CITY OF MERIDIAN DUE TO FAILURE OF TUSCANY DEVELOPMENT, INC. TO COMPLETE THE SEWER, WATER, PRESSURIZED IRRIGATION, STREET LIGHTS, LANDSCAPING, FENCING, TOT LOT AND PATHWAYS ON TUSCANY VILLAGE SUBDIVISION #1. 2. THE ORIGINAL OF THIS LETTER OF CREDIT, INCLUDING ANY AMENDMENTS. 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. SLCSSEA01788". 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. SLCSSEA01788 bank® Five Stu Service G..wed �* 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 98101, OR BY OVERNIGHT COURIER, ON OR BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT. U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL BANKINGbIVISION LITHO ED SIGNATURE Janet JOireman Letter Of Credit uf;icer THIS PAGE 2 FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA01788 SURETY SPEADSHEET Project Name: Tuscany Village Date Compiled: 8/2/2004 Letter of Credit/Bond No.: SLCCSSEA01788 Issued By: US Bank Expiration Date: Check No.: no Item Unfinished 1/24!2006 ffe"71 Party Responsible For Sign -Off RECEIVED JAN 18 2005 City Of Meridian City Clerk Office Date Signed Off/ Person TOTAL: $199,433.88 $43,988.05 $143,421.93 1/24/05 reduction of surety approved. KG This surety may be reduced to $20,460.00 to cover the remaining landscaping requirement 1/27105 receive amendment —not only changed amount but extended to 1/24106 Sanitary Sewer -internal Sanitary Sewer -offsite $7,158.36 $7,158.36 Public VNorKS WI nuv r -A Water -internal $14,389.00 $14,389.00 Public Works 9/17104 EA Water- ONsite $0.00 $0.00 Public Works Street Lights Landscaping $10,965.00 $73,263.50 $1,098.50 $7,326.35 $12,083.50 $80,589.85 Building PZ 8/17/04 HH +'24105 SA okay to induce to $20450.00 Pathways $11,660.00 $1,166.00 $12,826.00 PZ 1/13/05 SA Fencing $79,124.70 $7,912.47 $87,037.17 PZ 9117/04 SA Tiling $0.00 $0.00 PZ Pressurized Irrigation $2,497.30 $2,497.30 NMID 9117104 NMID Gravity Irrigation $0.00 $0.00 NMID Other: Tot Lot $24,400.68 $2,440.07 $26,840.75 PZ 1113/05 SA $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 TOTAL: $199,433.88 $43,988.05 $143,421.93 1/24/05 reduction of surety approved. KG This surety may be reduced to $20,460.00 to cover the remaining landscaping requirement 1/27105 receive amendment —not only changed amount but extended to 1/24106 bank® Five Star Service Guaranteed t U.S. Bank National Association International Dept., WWH-277 1420 Fifth Avenue, 9th Floor Seattle, WA 98101 U.S.A. Phone: 206-344-2398 Fax: 206-344-5369 AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT Amendment Date: JANUARY 26, 2005 Beneficiary: Applicant: CITY OF MERIDIAN TUSCANY DEVELOPMENT, INC. 660 EAST WATERTOWER, SUITE 200 660 E. FRANKLIN, SUITE 220 MERIDIAN, ID 83642 P.O. BOX 344 ATTN: BRAD WATSON MERIDIAN, ID 83680 ------------------------------------------------------------------------- Letter of Credit Number Amendment Number SLCSSEA01788 1 ------------------------------------------------------------------------- We hereby amend this irrevocable standby letter of credit as follows: 1. Letter of Credit amount is decreased by $222,961.93 to a new available balance of $20,460.00. 2. Expiration date is extended to January 24, 2006. All other terms and conditions remain unchanged. U.S. Bank National Association Seattle, Washington x Au oriz Signature / MAY! neatJc�'"= r n an Asst. Vice President DECEIVED JAN 2 8 2005 City of Meridian City Clerk office bank® Five Star Service Guaranteed*,E* 01/26/05 CITY OF MERIDIAN 660 EAST WATERTOWER, MERIDIAN, ID 83642 ATTN: BRAD WATSON PLEASE FIND ATTACHED NUMBER SLCSSEA01788 ACCOUNT OF: U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 PHONE: 206-344-2398 FAX: 206-344-5365 SUITE 200 OUR ORIGINAL AMENDMENT TO OUR LETTER OF CREDIT ISSUED IN FAVOR OF YOURSELVES, FOR THE TUSCANY DEVELOPMENT, INC. 660 E. FRANKLIN, SUITE 220 P.O. BOX 344 MERIDIAN, ID 83680 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 JANET JOIREMAN AT 206-344-2398, MARY ALICE YOUNG AT 206-587-7049. U.S. BANK NATIONAL ASSOCIATION a INT NATIO L DEPARTMEN av int :: i °e .-: E ..:. �.s.8 4 ABLY. Vice President ]RECEIVE JAN 2 7 2005 City of Meridian Public Works Director City of Meridian City Clerk Office AUG - 9 2004 City of Meridian City Clerk Office Memo To: Will Berg Q// From: Brad Watson, P.E.//c� &- / CC: File, Karie, Barbara, P&Z Staff Date: 8/2/04 Re: Tuscany Village Subdivision No. 1 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. I am also forwarding original Letter of Credit No. SLCSSEA01788 (U.S. Bank — dated July 20, 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 TUSCANY VILLAGE SUBDIVISION NO. 1 AS OF 81212004 Required Surety Amount Bid Status Amount Responsible Surety Item Description Amount % Complete Remaining Party for sign -off Sewer $71,583.60 90% $7,158.36 Public Works Water $143,890.00 90% $14,389.00 Public Works Gravity Irrigation 0% $0.00 Pressure Irrigation - Internal $24,973.00 90% $2,497.30 Public Works/NMID Pump Station Modification 0% $0.00 Public Works/NMID Street Lights $10,985.00 0% $12,083.50 Bldg. Dept. Landscaping $73,263.50 0% $80,589.85 P & Z Fencing $79,124.70 0% $87,037.17 P & Z Tot Lot $24,400.68 0% $26,840.75 P & Z Pathway $11,660.00 0% $12,826.00 P & Z Construction Cost Total $439,880.48 Total Remaining Const Value $243,421.93 Proposed Surety Amount $243,421.93 Wbank. Five S. Service G..teed �� U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 PHONE: 206-344-2398 FAX: 206-344-5365 JULY 20, 2004 CITY OF MERIDIAN 660 EAST WATERTOWER, SUITE 200 MERIDIAN, ID 83642 ATTN: BRAD WATSON PLEASE FIND ATTACHED OUR ORIGINAL STANDBY LETTER OF CREDIT NUMBER SLCSSEA01788 IN FAVOR OF YOURSELVES, FOR THE ACCOUNT OF: TUSCANY DEVELOPMENT, INC. 660 E. FRANKLIN, SUITE 220 P.O. BOX 344 MERIDIAN, ID 83680 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 �x 1' IN RNATI AL DEPARTMENT v Janet Joireman Letter of Credit Officer [Vbank.,-,',, Five Stat Service Guaranteed U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 U.S.A. PHONE: 206-344-2398 FAX: 206-344-5365 IRREVOCABLE STANDBY LETTER OF CREDIT ------------------------------------ JULY 20, 2004 --------------------------------------------------------------------------------------------------------------- BENEFICIARY: APPLICANT: CITY OF MERIDIAN TUSCANY DEVELOPMENT, INC. 660 EAST WATERTOWER, SUITE 200 660 EAST FRANKLIN, SUITE 240 MERIDIAN, ID 83642 P.O. BOX 344 ATTN: BRAD WATSON MERIDIAN, ID 83680 --------------------------------------------------------------------------------------------------------------- LETTER OF CREDIT NUMBER: SLCSSEA01788 EXPIRY DATE: JULY 19, 2005 AT: OUR COUNTERS PRESENTLY LOCATED AT 1420 FIFTH AVENUE, 9TH FLOOR, INTERNATIONAL DEPARTMENT, SEATTLE, WA, 98101 ON OR BEFORE 5:00 P.M. AMOUNT U.S.$243,421.93 NOT EXCEEDING TWO HUNDRED FORTY THREE THOUSAND FOUR HUNDRED TWENTY ONE AND 93/100 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 TO THE CITY OF MERIDIAN DUE TO FAILURE OF TUSCANY DEVELOPMENT, INC. TO COMPLETE THE SEWER, WATER, PRESSURIZED IRRIGATION, STREET LIGHTS, LANDSCAPING, FENCING, TOT LOT AND PATHWAYS ON TUSCANY VILLAGE SUBDIVISION # 1. 2. THE ORIGINAL OF THIS LETTER OF CREDIT, INCLUDING ANY AMENDMENTS. 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. SLCSSEA01788". 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. SLCSSEA01788 embank® Five Sw Service G..teed 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 98101, OR BY OVERNIGHT COURIER, ON OR BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT. U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL BANKINGbIVISION ( AUTHOR�IMED SIGNATURE V .hart Jc)irefian Letter of Credit Officer THIS PAGE 2 FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA01788 SURETY SPEADSHEET Project Name: Tuscany Village Date Compiled: 8/2/2004 Letter of Credit/Bond No.: SLCCSSEA01788 Issued By: US Bank Expiration Date: 741"(200 1/24/2006 Check No.: na Party Responsible Date Signed Off/ Item Unfinished 10% Surety For Sign -Off Person Comments Sanitary Sewer -internal Sanitary Sewer -offsite $7,158.36 $7,158.36 Public Works 9117/04 EA Water -internal $14,389.00 $14,389.00 Public Works 9/17/04 EA Water- Offsite $0.00 $0.00 Public Works Street Lights $10,985.00 $1,098.50 $12,083.50 Building 8/17/04 HH 1/24/05 SA okay to reduce Landscaping $73,263.50 $7,326.35 $80,589.85 PZ 12/2/05 JW to $20460.00 Pathways $11,660.00 $1,166.00 $12,826.00 PZ 1/13t05 SA Fencing $79,124.70 $7,912.47 $87,037.17 PZ 9/17/04 SA Tiling $0.00 $0.00 PZ Pressurized Irrigation $2,497.30 $2,497.30 NMID 9/17/04 NMID Gravity Irrigation $0.00 $0.00 NMID Other: Tot Lot $24,400.68 $2,440.07 $26,840.75 PZ 1/13/05 SA $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 TOTAL: $199,433.88 $43,988.05 $243,421.93 1/24/05 reduction of surety approved. KG This surety may be reduced to $20,460.00 to cover the remaining landscaping requirement 1/27/05 receive amendment —not only changed amount but extended to 1/24/06 12/5/05 READY TO BE RELEASED IN FULL KG Will Berg From: Karie Glenn Sent: Monday, December 05, 2005 2:20 PM To: bergw@meridiancity.org Subject: Tuscany Village #1.xls Attachments: Tuscany Village #1.xls I Tuscany Village #1.xls (17 KB)... READY TO BE RELEASED IN FULL