HomeMy WebLinkAboutBonding, Signing, Recording Final Platr
CITY OF
urn
� IDAHO
�q fid" TREASURE V NAY g�NCE
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
Gwen B. Thomson
Mountain West Bank
2950 Magic View Drive, Suite 150
Meridian, ID 83642
855-9106 fax 855-9107
Re. Return Letter of Credit for Red Feather Subdivision # 3
for Packard Estates Development, LLC
After a site inspection and review of Red Feather Subdivision # 3 Project
by the Planning Department and the Public Works Department, it has
been determined to release the Letter of Credit of $207,812. 00 to you for
the completed site improvements of sewer, water, street lights,
landscaping, pathways, fencing and pressure irrigation. Please use this
letter as authorization for Mountain West Bank to release the Irrevocable
Standby Letter of Credit No. 107.
If you have any questions please contact me. Thank you for your
cooperation.
Sincerely
f
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
IRREVOCABLE STANDBY LETTER OF CREDIT
Place and Date of Issue:
May 19, 2005
Meridian, Idaho
Beneficiary:
City of Meridian
660 E. Watertower Lane, Suite 200
Meridian, ID 83642
Letter of Credit Number: 107
Expiration Date: June 3, 2006
Automatically Renews: No
Amount $207,812.00
Applicant:
Packard Estates Development, LLC
6223 N. Discovery Way, Suite 100
Boise, ID 83713
Mountain West Bank
2950 Magic View Drive - Suite 150
Meridian, ID 83642
Telephone 208.855.9106
Fax 208.855.9107
We hereby issue in your favor this standby Letter of Credit which authorizes you to draw on Mountain
West Bank, 2950 Magic View Drive, Suite 150, Meridian, Idaho, for the account of Packard Estates
Development, LLC in an amount not exceeding, in lawful money of the United States of America,
$207,812.00 (Two Hundred Seven Thousand Eight Hundred Twelve Dollars and 00/100) available in your
draft(s) at sight accompanied by the following documents:
1) The Beneficiary's written statement, signed by a person purportedly authorized by the
Beneficiary, stating that Packard Estates Development, LLC has not completed the
improvements for the Red Feather Subdivision No. 3
2) The original of this Irrevocable Letter of Credit
This letter is governed by the Uniform Customs and Practice for Documentary Credits (1983 Revision),
International Chamber of Commerce Publication No. 500, and any subsequent revisions thereof approved
by a Congress of the International Chamber of Commerce.
Except as stated herein, this undertaking is not subject to any conditions or qualifications whatsoever.
Should you have any occasion to communicate with us regarding this credit, kindly direct your
communications to me.
Very truly yours,
� `l r%C) MZc',A,
Gwen B. Thomson, Vice President
Mountain West Bank
Approved:
R. Craig Groves, Manager
Packard Estates Development, LLC
Serving the Communities of.-
♦ 16th & State, Boise ♦ Franklin & Cole, Boise ♦ Nampa ♦ Meridian ♦ Ketchum ♦ Hailey ♦ Brigham City ♦ Park City ♦ Coeur d'Alene ♦ Hayden ♦ Post Falls ♦ Sandpoint
www.mountainwest-bank.com ♦ Customer Service (800) 641-5401 ♦ InTouch (800) 641-5428
SURETY SPREADSHEET
Project Name:
Date Compiled:
Letter of Credit/Bond No.:
Issued By:
Expiration Date:
Check No.:
Item
Redfeather #3
6/27/2005
107
Mountain West Bank
613/2095
Unfinished
12/2/2006
Partial
Surety
Party Responsible
For Sign -Off
Date Signed Off/
Person Comments
Sanitary Sewer -internal
$35,599.78
$35,599.78
Public Works
12/12/05 TJ
Sanitary Sewer -offsite
$0.00
$0.00
Water -internal
$37,703.50
$37,703.50
Public Works
12/12/05 TJ
Water- Offsite
$0.00
$0.00
Public Works
Street Lights
$8,930.00
$893.00
$9,823.00
Building
9/1/05 HW
Landscaping
$35,531.00
$3,553.10
$39,084.10
PZ
7/18/06 CH
Pathways
$2,900.00
$290.00
$3,190.00
PZ
7/19/06 CH
Fencing
$26,690.00
$2,669.00
$29,359.00
PZ
9/23/05 CH
Tiling
$0.00
$0.00
PZ
Pressurized Irrigation
$41,565.70
$4,156.57
$45,722.27
NMID
6/12/06 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: $115,616.70 $84,864.95
Authorized reduction
Balance to Remain:
7/20/06 READY TO RELEASE IN FULL - KG
$200,481.65 207812
$165,537 90 6/13/06 kg
$42,274.10
Page 1 of 1
Will Berg
From:
Karie Glenn
Sent:
Thursday, July 20, 2006 12:42 PM
To:
Will Berg
Subject: Redfeather #3-loc RELEASE
Attachments: Redfeather #3.xls
attached detial sheet ready to be released in full-- KG
7/20/2006
IRREVOCABLE STANDBY LETTER OF CREDIT
Place and Date of Issue:
May 19, 2005
Meridian, Idaho
Beneficiary:
City of Meridian
660 E. Watertower Lane, Suite 200
Meridian, ID 83642
Letter of Credit Number: 107
Expiration Date: June 3, 2006
Automatically Renews: No
Amount $207,812.00
Applicant:
Packard Estates Development, LLC
6223 N. Discovery Way, Suite 100
Boise, ID 83713
Mountain West Bank
2950 Magic View Drive - Suite 150
Meridian, ID 83642
Telephone 208.855.9106
Fax 208.855.9107
We hereby issue in your favor this standby Letter of Credit which authorizes you to draw on Mountain
West Bank, 2950 Magic View Drive, Suite 150, Meridian, Idaho, for the account of Packard Estates
Development, LLC in an amount not exceeding, in lawful money of the United States of America,
$207,812.00 (Two Hundred Seven Thousand Eight Hundred Twelve Dollars and 00/100) available in your
draft(s) at sight accompanied by the following documents:
1) The Beneficiary's written statement, signed by a person purportedly authorized by the
Beneficiary, stating that Packard Estates Development, LLC has not completed the
improvements for the Red Feather Subdivision No. 3
2) The original of this Irrevocable Letter of Credit
This letter is governed by the Uniform Customs and Practice for Documentary Credits (1983 Revision),
International Chamber of Commerce Publication No. 500, and any subsequent revisions thereof approved
by a Congress of the International Chamber of Commerce.
Except as stated herein, this undertaking is not subject to any conditions or qualifications whatsoever.
Should you have any occasion to communicate with us regarding this credit, kindly direct your
communications to me.
Very truly yours,
Q-��Uxl%j d `lhonrnne-,ft .
Gwen B. Thomson, Vice President
Mountain West Bank
Approved:
R. Craig Groves, Manager
Packard Estates Development, LLC
Serving the Communities of
♦ 16th & State, Boise ♦ Franklin & Cole, Boise ♦ Nampa e Meridian ♦ Ketchum ♦ Hailey ♦ Brigham City ♦ Park City ♦ Coeur d'Alene ♦ Hayden ♦ Post Falls ♦ Sandpoint
www.mountainwest-bank.com ♦ Customer Service (800) 641-5401 ♦ InTouch (800) 641-5428
RECEIVED
JUN 2 7 2005
City of Meridian
City Clerk Office
Memo
To: Will Berg
From: Brad Watson, P.E.
CC: File, Karie, P & Z Staff
Date: 6/27/05
Re: Redfeather Estates #3
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. 107 (Mountain West Bank — dated 5/19/05)
for $207,812.00. This represents surety for items, and in amounts, listed on the attached
spreadsheet.
Please call Shari Stiles of Engineering Solutions at 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...
Brad Watson, P.E.
City Engineer
Meridian Public Works Department
660 E. Watertower Lane, Suite 200
Meridian, Idabo 83642
(208)898-5500
Fax: (208) 887-1297
watsonb@ci.meridian.id.us
IRREVOCABLE STANDBY LETTER OF CREDIT
Place and Date of Issue:
May 19, 2005
Meridian, Idaho
Beneficiary:
City of Meridian
660 E. Watertower Lane, Suite 200
Meridian, ID 83642
Letter of Credit Number: 107
Expiration Date: June 3, 2006
Automatically Renews: No
Amount $207,812.00
Applicant:
Packard Estates Development, LLC
6223 N. Discovery Way, Suite 100
Boise, ID 83713
Mountain West Bank
2950 Magic View Drive - Suite 150
Meridian, ID 83642
Telephone 208.855.9106
Fax 208.855.9107
We hereby issue in your favor this standby Letter of Credit which authorizes you to draw on Mountain
West Bank, 2950 Magic View Drive, Suite 150, Meridian, Idaho, for the account of Packard Estates
Development, LLC in an amount not exceeding, in lawful money of the United States of America,
$207,812.00 (Two Hundred Seven Thousand Eight Hundred Twelve Dollars and 00/100) available in your
draft(s) at sight accompanied by the following documents:
1) The Beneficiary's written statement, signed by a person purportedly authorized by the
Beneficiary, stating that Packard Estates Development, LLC has not completed the
improvements for the Red Feather Subdivision No. 3
2) The original of this Irrevocable Letter of Credit
This letter is governed by the Uniform Customs and Practice for Documentary Credits (1983 Revision),
International Chamber of Commerce Publication No. 500, and any subsequent revisions thereof approved
by a Congress of the International Chamber of Commerce.
Except as stated herein, this undertaking is not subject to any conditions or qualifications whatsoever.
Should you have any occasion to communicate with us regarding this credit, kindly direct your
communications to me.
Very truly yours,
Q ux-*-> 1�,-) `i %nnmzu�A ,
Gwen B. Thomson, Vice President
Mountain West Bank
Approved:
R. Craig Groves, Manager
Packard Estates Development, LLC
Serving the Communities of.-
♦ 16th & State, Boise ♦ Franklin & Cole, Boise ♦ Nampa ♦ Meridian ♦ Ketchum ♦ Hailey ♦ Brigham City ♦ Park City ♦ Coeur d'Alene ♦ Hayden ♦ Post Falls ♦ Sandpoint
www.mountainwest-bank.com ♦ Customer Service (800) 641-5401 ♦ InTouch (800) 641-5428
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N/oantaiir NOV Bank
Date: 06/02/2006
To: City of Meridian
.e �rs►s►�u�
Patty West
Voice #208-884-6812
FAX #208-345-2232
Letter of Credit
9S:ST 90 z0 Nnf
JIJN 0 2 2006
City of Meridian
City Clerk Office
Pages to Follow:
Attached is renewal Letter of Credit for Packard Estates Development, LLC for Red
Feather #3 Subdivision. Original to follow via mail.
Thank you.
CONMENTTAI.ITY STATbMEN'1': the iutormation contained in this facsimile transmission is intended forthe reeipienutarned above, Irthe
reader of this mcssage is not the intended recipient or the intended ncipicnPs agent, you are hereby noticed [hut my dissemination, distribution o'
copying ofthe information contained in this fuesimilc transmission (other than to die;utended recipient) is prohibited. If this transmission has
reached you in enor, you ure uskcd to notify us as soon as possible at the telephone numbs shown aboyc and destroy the facsimile documents.
Thank you for your cooperation.
C/T 969T917E902 Kung asaA uTnlunoW Nd g2:20 70-unf-9002
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stir; .,d 1��'4,
i; t �•
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RE _I
.e �rs►s►�u�
Patty West
Voice #208-884-6812
FAX #208-345-2232
Letter of Credit
9S:ST 90 z0 Nnf
JIJN 0 2 2006
City of Meridian
City Clerk Office
Pages to Follow:
Attached is renewal Letter of Credit for Packard Estates Development, LLC for Red
Feather #3 Subdivision. Original to follow via mail.
Thank you.
CONMENTTAI.ITY STATbMEN'1': the iutormation contained in this facsimile transmission is intended forthe reeipienutarned above, Irthe
reader of this mcssage is not the intended recipient or the intended ncipicnPs agent, you are hereby noticed [hut my dissemination, distribution o'
copying ofthe information contained in this fuesimilc transmission (other than to die;utended recipient) is prohibited. If this transmission has
reached you in enor, you ure uskcd to notify us as soon as possible at the telephone numbs shown aboyc and destroy the facsimile documents.
Thank you for your cooperation.
C/T 969T917E902 Kung asaA uTnlunoW Nd g2:20 70-unf-9002
70'9Odd 8691 Sb£ 907
9S:ST 90, FO Nnf
RUEVEMD
JUN 0 2 2006
City of Meridian
City Clerk (iffier
2006 -Jun -02 12:59 PM MT, WEST BANK ADMIN 1-208-667-8524
TRRPVOCABT.E STANDBY LETTER OF CREDIT
Place audDate oflssae: Iuue2, 2006
Boisc, Idaho
Denef=aly:
City oflvlcaidian
660 E. Watertower Larte, Suite 200
Meridian, M 83642
0011(lemeu:
Letter of Credit Number 107
F.xpkation,Date; December 02, 2006
Automatically Rumows: No
Amouat $42,274.10
Applicant:
Packard Fstates Development; T J.0
6223 N. Discovery Way, Suite 100
Boise, ID 83713
112
Mountain
West Bark
Adminisfrahve Office
101 lromvood. Ste. 210
Goeu(d'rVene, 1088814
Tcicphons 208.765.0284
Fax206.667,6524
Wo litrcby issue in your favor this standby Letter of Credit which authorises you to draw on Mcutn(niu
West Back 802 W Bannock S0e 1100 Loiao, L) 93702, for the account of Packard Bstatas Duvclopm=4
LLC 6223 N. DiscoveryWay, Suite 10013oise, M 83713 !n an amount not excecdige, Ai lawhtl money of
the TJulted States of America, $42,274.10 (NOI:l'Y TWO MOUSAND TWO HUNDRED SEVENTY
i OUR DOLLARS and 10/100) available in your draft(s) at sight accompanied bythe following documents_:
1) The Beneficiary's Drawing Certilivaw in the faun attached here as Exhibit A and beating the
signatures of the Deneficiafy; and
2) The origbal of this lrrevootiblo Letter of, Credit
This letter is govcmcd by 4he Uniform Customs and Practice for Doa u tentaiy Credits, Irttarttatfonai
Cltnmber of Commence Yublientfnn No, SUU, ttnd any suhscqucnt revisions flncrcof appmvedby a Congress
of flue Intemadonal Chamber of Conmterce.
F:mept as stated herein, this undertakhtg Is not subject to any conditions or qualifications whatsoovcr.
Should you have any occasion to communicate with us regaOug this credit, kindly direct your
contmunicntlons to me.
Additional Ccmditions:
• Partial drawings are permitted, it the event or a partial drawing, lute original Lettcr of Credit must
be rct rncd for endoTsement of flL amount paid,
Very truly yours,
k��
1,&1;a_
Moon, Tl, DttnVice President and Chief Credit Officer
i-aimminn West Ba
Approved:
9��
R. Craig Gt'oves, Manager
Pa&=d Estatcs Dcvclopmout, LLC
Serving Ow, Conwunrhes of
+ 16th & State, Boise+ Emnkiiu & Cele, Boise+Nainpa + 1lerldlmi + 1{oreimm o Hailey o
+Brigham City + Park City ♦ Coeur d'Alene + ll,,Vdcn + Post Fnlls + Stmdpoiat +Poadcaty + NoWpurt + Tuno d Boanaa Fcny +
wwtv_minwb.com • Customer Scrviee (800) 641-5401 e ruTnuch (800) 641-5428
£/Z 869T9b£B02 Kung 2sam uTo2unoW Wd 67:70 70—unf-9002
20' Mud 9691 SbE 907 9S:S1 90. 70 N7f
2006 -Jun -02 12:59 PM MT, WEST BANK ADMIN 1.208-667-8524 212
EMBIT A
Ceuuficate for Drawing on Tetter of Credit No. 107
The undersigned, Beneficiary hereby certifies to Issuer, Monutain Test Bank, with reference to
j Irrovouble Lotter of CreditNo,107 , (the "Lette): of Credit") issued by flue Bank in flavor of the Bcneficiary
at flit rcqucst ofPaci--rd L+stalus Driulopmcnt, LLC. The Laeneficituyi6 the CityofMeridian under the
Lotter of Credit.
(1) The cuatonwr i3 in det"ault in itu obligation to the Beneficiary for fniluce to complete
improvements to Redfeather #3 as per the agreement on June 2, 2006 between Customer and
Beneficiary, and the ainotnrt represented by the accompanying drdil is duc and owing to ehc
Bcuefieiery for completlon of 4Uprovcnlcuts; or,
(2) The Customcr is in default in its obligation to the Beneficiary for failure to cttre a default
wltWii tea (10) clays after the La eneftclary sent written notice of default of lite Customer's
failure to make required payments, when they are duc, as required by the Bcncfiniary, and the
amount represented by 11c accompanying draft is due and owing to Beneficiary.
1N WITiYESS WAEREOF, the Bctteficiary has cxcoutad and delivered titin Carti'Fieatu as of rhu
day of 20
City of Meridian
13y:_
Title:
E/e 869TSbEB02 xucB asam uToaunoW Wd 67:70 20—unf-9002