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Home My WebLink AboutBonding, Signing, Recording Final Plat�Y1G�&rn IDAHO �� e SFR qae TREASURE V A��Y g�NCE 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 10, 2006 Julia Cameron Farmers & Merchants State Bank 30 East Broadway Avenue Meridian, ID 83642 888-1416 fax 888-1346 Re: Return Letter of Credit for Razzberry Crossing Subdivision for Cutting Edge, LLC After a site inspection and review of Razzberry Crossing Subdivision Project by the Planning Department and the Public Works Department, it has been determined to release the Letter of Credit of $102,807.30 to you for the completed site improvements of sewer, water, street lights, landscaping and fencing. Please use this letter as authorization for Farmers & Merchants State Bank to release the Irrevocable Standby Letter of Credit No. 738. If you have any questions please contact me. Thank you for your cooperation. Sincerely 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 FARMERS & MERCHANTS STATE BANK IRREVOCABLE STANDBY LETTER OF CREDIT NO. 738 ISSUED IN Meridian, Idaho on July 7, 2005 BENEFICIARY: City of Meridian 2235 NW 8 Meridian, ID 83642 AMOUNT: USD ****$102,807.30**** One Hundred Two Thousand Eight Hundred Seven Dollars 30/100 United States Dollars APPLICANT: Cutting Edge, LLC Point of Contact: Carl Reiterman 770 W McMillan Rd. Meridian, ID 83642 DATE AND PLACE OF EXPIRY: October 7, 2005 Farmers and Merchants State Bank 30 E Broadway Meridian, ID 83642 We hereby issue our Irrevocable Standby Letter of Credit in favor of the above named beneficiary. CREDIT AVAILABLE WITH: FARMERS & MERCHANTS STATE BANK 30 E BROADWAY MERIDIAN, IDAHO 83642. BY: PAYMENT AVAILABLE BY DRAFTS AT SIGHT DRAWN ON: FARMERS & MERCHANTS STATE BANK MERIDIAN, IDAHO Documents Required: 1. Beneficiary's written statement, signed by a person purportedly authorized by the beneficiary, stating that The Cutting Edge, LLC has not completed the Sewer, Water, Gravity Irrigation, Pressure Irrigation, landscaping, fencing, and street lights for the Razzberry Crossing Subdivision. FARMERS & MERCHANTS STATE BANK L/C #: 738 PAGE 2 2. The original letter of credit. Drafts drawn under this Letter of Credit must bear the clause: "Drawn under Farmers & Merchants State Bank, Irrevocable Standby Letter of Credit No. 738 dated October 7, 2005. We hereby agree to honor each draft drawn under and in compliance with the terms of this credit, if duly presented (together with the documents as specified) at our office on or before the expiry date of this credit. REIMBURSEMENT INSTRUCTIONS: Payment to be effected per your instructions against conforming documents presented at FARMERS & MERCHANTS STATE BANK, 30 E BROADWAY MERIDIAN, IDAHO 83642 This letter of credit is subject to Uniform Customs and Practice for Documentary Credits (1993 Revision) International Chamber of Commerce Publication No. 500. armers & Merchants State Bank Julia Cameron Commercial Loan Officer SURETY SPREADSHEET Project Name: Razzberry Date Compiled: 8/4/2005 Letter of Credit/Bond No.: 738 Issued By: Farmers & Merchants Bank Expiration Date: 101712005 Check No.: na Party Responsible Date Signed Off/ Item Unfinished Partial Suretv For Si n -Off Person Comments Sanitary Sewer -internal $597.10 $0.00 $597.10 Public Works 7/19/05 DH Sanitary Sewer -offsite $0.00 $0.00 Water -internal $11,025.04 $0.00 $11,025.04 Public Works 7/19/05 DH Water- Offsite $0.00 $0.00 Public Works Street Lights $9,160.00 $916.00 $10,076.00 Building 8/17/05 JW Landscaping $43,967.60 $4,396.76 $48,364.36 PZ 8/7/06 CH Pathways $0.00 $0.00 PZ Fencing $29,768.00 $2,976.80 $32,744.80 PZ 2/9/06 JG 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 $0.00 TOTAL: $94,517.74 $8,289.56 $102,807.30 8/7/06 THIS LOC HAS BEEN EXPIRED -- READY TO FORMALLY RELEASE IN FULL KG Page 1 of 1 Will Berg From: Karie Glenn Sent: Monday, August 07, 2006 3:37 PM To: Will Berg Subject: Razzberry Crossing --EXPIRED LOC READY TO BE RELEASED Attachments: Razzberry Crossing.xls attached detail sheet - ready to release in full. 8/7/2006 Page 1 of 1 Will Berg From: C. Caleb Hood Sent: Monday, August 07, 2006 3:21 PM To: Mindi Smith; Karie Glenn; Tricia Bieren; Brent Bjornson Cc: Will Berg; Reta Cunningham Subject: Razzberry Crossing Sub The required improvements for Razzberry Crossing Subdivision have been installed. As far as the Planning Department is concerned, residential occupancies may be issued in this subdivision. Further, any surety the City is holding for landscaping, fencing, etc. may be released. Thanks. C. Caleb Hood Current Planning Manager Meridian Planning Department 660 E. Watertower Lane Meridian, ID 83642 208.884.5533 208.888.6854 (fax) 8/7/2006 RECEIVFI?-,- AUG 0 3 2005 (amityOf Meridian City Clerk Office Memo To: Will Berg From: Brad Watson, P.E. CC: File, Karie, P & Z Staff Date: 8/3/05 Re: Ra=berry Crossing 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. 738 (Farmers and Merchants State Bank — dated 7/7/05) for $102,807.30. This represents surety for items, and in amounts, listed on the attached spreadsheet. Please call Carl Reiterman of Cutting Edge LLC at 890-0861 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.. . Brad Watson, P.E. City Engineer Meridian Public Works Department 660 E. Watertower Lane, Suite 200 Meridian, Idaho 83642 (208)898-5500 Fax: (208) 898-9551 watsonb@mendiancity.org FARMERS & MERCHANTS STATE BANK IRREVOCABLE STANDBY LETTER OF CREDIT NO. 738 ISSUED IN Meridian, Idaho on July 7, 2005 BENEFICIARY: APPLICANT: City of Meridian Cutting Edge, LLC 2235 NW 8 Point of Contact: Carl Reiterman Meridian, ID 83642 770 W McMillan Rd. Meridian, ID 83642 AMOUNT: USD ****$102,807.30**** One Hundred Two Thousand Eight Hundred Seven Dollars 30/100 United States Dollars DATE AND PLACE OF EXPIRY: October 7, 2005 Farmers and Merchants State Bank 30 E Broadway Meridian, ID 83642 We hereby issue our Irrevocable Standby Letter of Credit in favor of the above named beneficiary. CREDIT AVAILABLE WITH: FARMERS & MERCHANTS STATE BANK 30 E BROADWAY MERIDIAN, IDAHO 83642. BY: PAYMENT AVAILABLE BY DRAFTS AT SIGHT DRAWN ON: FARMERS & MERCHANTS STATE BANK MERIDIAN, IDAHO Documents Required: 1. Beneficiary's written statement, signed by a person purportedly authorized by the beneficiary, stating that The Cutting Edge, LLC has not completed the Sewer, Water, Gravity Irrigation, Pressure Irrigation, landscaping, fencing, and street lights for the Razzberry Crossing Subdivision. FARMERS & MERCHANTS STATE BANK L/C #: 738 PAGE 2 2. The original letter of credit. Drafts drawn under this Letter of Credit must bear the clause: "Drawn under Farmers & Merchants State Bank, Irrevocable Standby Letter of Credit No. 738 dated October 7, 2005. We hereby agree to honor each draft drawn under and in compliance with the terms of this credit, if duly presented (together with the documents as specified) at our office on or before the expiry date of this credit. REIMBURSEMENT INSTRUCTIONS: Payment to be effected per your instructions against conforming documents presented at FARMERS & MERCHANTS STATE BANK, 30 E BROADWAY MERIDIAN, IDAHO 83642 This letter of credit is subject to Uniform Customs and Practice for Documentary Credits (1993 Revision) International Chamber of Commerce Publication No. 500. armers & Merchants State Bank Julia Cameron Commercial Loan Officer N 04M Z6