HomeMy WebLinkAboutBonding, Signing, Recording Final Plati
n
CITY OF
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eNrER �" TRE lSURE V N-�Y SINCE
1903
MAYOR
Tammy de Weerd
CITY COUNCIL MEMBERS
Keith Bird
Joseph W. Borton
Charles M. Rountree November 10, 2006
Shaun Wardle
CITY DEPARTMENTS
City Attorney/HR Cathy Hansen
703 Main street International Banking Department
898-5506 (City Attorney) Washington Trust Bank
898-5503 (HR)
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 895-0390
Parks & Recreation Re: Return Letter of Credit for Ventana Subdivision # 1
11 W. Bower Street for Ventana, LLC
888-3579/fax 898-5501
Planning After a site inspection and review of Ventana Subdivision # 1 Project by
660 E. Watertower Lane the Planning Department and the Public Works Department, it has been
Suite 202 determined to release the original Letter of Credit of $1,220,807.55 and
884-5533 / fax 888-6844 the reduction of $253,204.60 to you for the completed site improvements
Police of water, sewer, street lights, pathways, fencing, pressurized and gravity
1401 E. Watertower Lane irrigation and pump station. The required landscaping site improvement
888-6678 / fax 846-7366 has been reduced to $5,280.00 with a cash bond being supplied to cover
Public works it. Please use this letter as authorization for Washington Trust Bank to
660 E. Watertower Lane release the Irrevocable Standby Letter of Credit No. 22671.
Suite 200
898-5500/fax 895-9551
If you have any questions please contact me. Thank you for your
- Building
660 E. Watertower Lane cooperation.
Suite 150
887-2211 / fax 887-1297 Sincerely
Wastewater
3401 N. Ten Mile Road
888-2191/fax 884-0744
- Water William G. Berg, Jr.
2235 N.W. 8th street Cit Clerk
888-5242 / fax 884-1159 y
Enclosure
CITY MALL 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 Bank1110 GOT
H,06-
-
AMENDMENT #01 TO
IRREVOCABLE STANDBY
LETTER OF CREDIT NO. 22671
DATED: SEPTEMBER 26, 2005
AMOUNT: $1,220,807.55
SEPTEMBER 22, 2006
City of Meridian
Attn: Will Berg
33 E, Idaho Ave.
Meridian, ID 83642
Gentlemen:
This letter will serve as our Amendment to Letter of Credit No. 22671 in your favor for the account
of VENTANA, LLC, P.O. Box 369, Meridian, ID 83680, up to the aggregate amount of ONE
MILLION TWO HUNDRED TWENTY THOUSAND EIGHT HUNDRED SEVEN AND
551100 --------Dollars ($1,220,807.55) covering Ventana Subdivision #1 as follows:
1. Amend dollar value FROM "$1,220,807.55" TO "$253,204.60".
2. Amend expiry date FROM "SEPTEMBER 26,2006" TO "SEPTEMBER 26,2007"
All other terms and conditions of Letter of Credit No. 22671 remain unchanged.
Sincerely,
r
CathyH sen
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:
VENTANA #1
Date Compiled:
10/10/2005
Letter of Credit/Bond No.:
22671
Issued By:
washington trust bank
Expiration Date:
9/2612006
9/26/2007
Check No.:
Party Responsible
Date Signed Off/
Item
Unfinished
Partial
Surety
For Sign -Off
Person Comments
Sanitary Sewer -internal
$58,308.00
$0.00
$58,308.00
Public Works
8/24/06 RF
Sanitary Sewer -offsite
$0.00
$0.00
Water -internal
$199,046.00
$19,904.60
$218,950.60
Public Works
8/24/06 RF
Water- Offsite
$201,442.50
$20,144.25
$221,586.75
Public Works
8/24/06 RF
Street Lights
$17,018.00
$1,701.80
$18,719.80
Building
6/23/06 HW
Landscaping
$137,066.00
$13,706.60
$150,772.60
PZ
11/7/06 reduce to
$5280.00 per AH
Pathways
$22,730.00
$2,273.00
$25,003.00
PZ
11/7/06 AH
Fencing
$93,353.27
$9,335.33
$102,688.60
PZ
7/20/06 AH
Tiling
$0.00
$0.00
PZ
Pressurized Irrigation
$127,737.00
$12,773.70
$140,510.70
PW
8/25/06 RF
-
Gravity Irrigation
$188,035.00
$18,803.50
$206,838.50
PW
8/25/06 RF
Other:
Pump Station
$70,390.00
$7,039.00
$77,429.00
PW
11/6/06 BB
$0.00
$0.00
-
-
$0.00
$0.00
$0.00
$0.00
TOTAL:
$1,115,125.77
$105,681.78
$1,220,807.55
authorized reduction
$121,408.40 as of 8/11/06 kg
authorized reduction
$846,194.55 as of 9/20/06 kg
authorized reduction
$247,924.60 as of 11/7/06 kg
BALANCE
TO REMAIN
$5,280.00
11/7/06 RELEASE THIS LOC IN FULL - TRADED FOR CASH SURETY OF REMAINING AMOUNT KG
Page 1 of 1
Will Berg
From:
Karie Glenn
Sent:
Wednesday, November 08, 2006 8:51 AM
To:
Will Berg
Subject: Ventana #1.xls
Attachments: Ventana #1.xls
This LOC was traded for a cash surety for the remaining $5280.00. Please release any amendments that you
may have for Ventana #1 still in your file.
THANKS
11/8/2006
Page 1 of 1
Will Berg
From: Amanda Hess
Sent: Wednesday, November 22, 2006 12:01 PM
To: Karie Glenn; Mindi Smith; Reta Cunningham; Will Berg
Subject: Ventana No. 1
A final inspection was completed for Ventana No. 1 on 11/22/06. All remaining landscaping and fencing issues
are now compliant. The Planning Department is supportive of the release of bonding and occupancies for the
development.
Thanks,
Amanda Hess
Associate Planner
Meridian Planning Dept.
11/22/2006
CES=
OCT - 2 2006
City of Meridian
Ci#y Clerk Office
SURETY SPREADSHEET
Project Name: VENTANA #1
Date Compiled:
10/10/2005
Letter of Credit/Bond No.:
22671
Issued By:
washington trust bank
Expiration Date:
9/2612007
Check No.:
Party Responsible
Date Signed Off/
Item
Unfinished
Partial
Surety
For Sign -Off
Penson
Comments
Sanitary Sewer -internal
$58,308.00
$0.00
$58,308.00
Public Works
8!24/06 RF
Sanitary Sewer -offsite
$0.00
$0.00
Water -internal
$199,046.00
$19,904.60
$218,950.60
Public Works
8/24/06 RF
Water- Offsite
$201,442.50
$20,144.25
$221,586.75
Public Works
8/24/06 RF
Street Lights
$17,018.00
$1,701.80
$18,719.80
Building
6/23/06 HW
shed per AH
Landscaping
$137,066.00
$13,706.60
$150,772.60
PZ
9 010
not finished per AFI
Pathways
$22,730.00
$2,273.00
$25,003.00
PZ
9/20!06
Fencing
$93,353.27
$9,335.33
$102,688.60
PZ
7/20/06 AH
Tiling
$0.00
$0.00
PZ
Pressurized Irrigation
$127,737.00
$12,773.70
$140,510.70
PW
8/25/06 RF
Gravity Irrigation
$188,035.00
$18,803.50
$206,838.50
PW
8/25/06 RF
Other.
no power not running per
Pump Station
$70,390.00
$7,039.00
$77,429.00
PW
RE 9!20/06
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
TOTAL:
$1,115,125.77
$105,681.78
$1,220,807.55
authorized reduction
$121,408.40
as of 8/11/06 kg
authorized reduction
$846,194.55
as of 9/20/06 kg
BALANCE TO REMAIN
$253,204.60
Y�
C3
Washington Trust Bank
AMENDMENT #01 TO
IRREVOCABLE STANDBY
LETTER OF CREDIT NO. 22671
DATED: SEPTEMBER 26, 2005
AMOUNT: $1,220,807.55
SEPTEMBER 22, 2006
City of Meridian
Attn: Will Berg
33 E, Idaho Ave.
Meridian, ID 83642
Gentlemen:
This letter will serve as our Amendment to Letter of Credit No. 22671 in your favor for the account
of VENTANA, LLC, P.O. Box 369, Meridian, ID 83680, up to the aggregate amount of ONE
MILLION TWO HUNDRED TWENTY THOUSAND EIGHT HUNDRED SEVEN AND
55/100 --------Dollars ($1,220,807.55) covering Ventana Subdivision #1 as follows:
1. Amend dollar value FROM "$1,220,807.55" TO "$253,204.60".
2. Amend expiry date FROM "SEPTEMBER 26,2006" TO "SEPTEMBER 26,2007".
All other terms and conditions of Letter of Credit No. 22671 remain unchanged.
Sincerely,
Cathy IHsen
Vice President
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 III
G 2:-..
September 22, 2006
City of Meridian
33 E. Idaho
Meridian, ID 83642
Attn: Will Berg
RE: Irrevocable Standby Letter of Credit No. 22671
Dyver Development, LLC
FBO: Ventana, LLC
Gentlemen:
Attached is an amendment on the above referenced Letter of Credit. Please acknowledge your
acceptance or refusal of this amendment by signing the acknowledgement below and return this
letter to us in the envelope provided.
Thank you for your prompt response regarding this amendment.
Sincerely,
Cathy ansen
Vice President
International Banking Department
ACKNOWLEDGEMENT:
We hereby acknowledge that we ACCEPT OR
above referenced Letter of Credit.
F-1REFUSE the amendment on the
CITY OF MERIDIAN
r
BY: �! L, TITLE:
��a#!�f{!tlrt 54tF4e4Ettk'��a
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: Amanda Hess
Sent: Thursday, July 20, 2006 9:25 AM
To: Karie Glenn; Mindi Smith; Will Berg; Reta Cunningham
Subject: Ventana No. 1
The perimeter fencing inspection for Ventana Subdivision No.1 was completed on 7/20/06. The fencing requirements
are compliant per the Planning office for the release of building permits.
Thanks,
Amanda Hess
Associate Planner
Meridian Planning & Zoning
7/20/2006
Memo
To: Will Berg
From: Lenard A Grady, P. E.
CC: File, Karie, P & Z Staff
Date: 10/10/05
Re: Ventana #1
,!—
,
OCT 10 2005
City of Meridian
City Clerk Office
4\s l ��
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. 22671 (Washington Trust Bank — dated
9/26/05) for $1,220,807.55. This represents surety for items, and in amounts, listed on the
attached spreadsheet.
Please call Shari w/ Engineering Solutions @ 938-0980 when the plat is ready to be picked
up. Please call me if you have any questions.
Thank you.
0 Page 1
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
adv](a)merdiancily ore
Washington Trust Bank fill
IRREVOCABLE STANDBY
LETTER OF CREDIT NO. 22671
DATE: SEPTEMBER 26, 2005
AMOUNT: $1,220,807.55
City of Meridian
Attn: Will Berg
33 E. Idaho Ave.
Meridian, ID 83642
Gentlemen:
We hereby establish our Irrevocable Standby Letter of Credit No. 22671 in your favor for the account of
VENTANA, LLC, P.O. Box 369, Meridian, ID 83680 up to the aggregate amount of ONE MILLION TWO
HUNDRED TWENTY THOUSAND EIGHT HUNDRED SEVEN AND 55/100--------- Dollars
($1,220,807.55) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington
Trust Bank on or before SEPTEMBER 26, 2006 covering Ventana Subdivision #1 and accompanied by the
following:
1. A signed statement from the City of Meridian reading exactly as follows:
"I, the undersigned duly authorized representative of the 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 Ventana Subdivision #1."
2. 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. 22671".
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, 3251 E. Presidential Drive, Meridian, ID 83642, on or before
SEPTEMBER 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,
Dean L. Oberst
Senior Vice President
Southern Idaho Region
DLO:mss
Washington Trust Financial Center P. O. Box 2127, Spokane, WA 99210-2127 (509) 353-4177 Fax: (509) 353-3905
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IRREVOCABLE STANDBY
LETTER OF CREDIT NO. 22671
DATE: SEPTEMBER 26, 2005
AMOUNT: $1,220,807.55
City of Meridian
Attn: Will Berg
33 E. Idaho Ave.
Meridian, ID 83642
Gentlemen:
We hereby establish our Irrevocable Standby Letter of Credit No. 22671 in your favor for the account of
VENTANA, LLC, P.O. Box 369, Meridian, ID 83680 up to the aggregate amount of ONE MILLION TWO
HUNDRED TWENTY THOUSAND EIGHT HUNDRED SEVEN AND 55/100--------- Dollars
($1,220,807.55) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington
Trust Bank on or before SEPTEMBER 26, 2006 covering Ventana Subdivision #1 and accompanied by the
following:
1. A signed statement from the City of Meridian reading exactly as follows:
"I, the undersigned duly authorized representative of the 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 Ventana Subdivision #I."
2. 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. 22671".
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, 3251 E. Presidential Drive, Meridian, ID 83642, on or before
SEPTEMBER 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,
Dean L. Oberst
Senior Vice President
Southern Idaho Region
DLO:mss
Washington Trust Financial Center P. O. Box 2127, Spokane, WA 99210-2127 (509) 353-4177 Fax: (509) 353-3905