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Home My WebLink AboutBonding, Signing, Recording Final PlatCity of Meridian Public Works Dept. Memo To: Will Berg From: Lenard A Grady, P.E. CC: File, Karie, P & Z Staff Date: 9/19/05 Re: Quenzer Commons No. 9 CVi SEP 19 2005 City of Meridian City Clerk Office 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.SLCSSEA02245 (US Bank — dated 8/2/05) for $312,010.33. This represents surety for items, and in amounts, listed on the attached spreadsheet. Please call Jason @ Engineering Northwest @ 376-5000 when the plat is ready to be picked up. Please call me if you have any questions. Thank you. 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 0 Page 1 gradY1C&,merdianc1b org N 0 N U- 0 Q yank. Five St-, Seni,, Gua .wedti U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 PHONE: 206-344-2398 FAX: 206-344-5365 AUGUST 2, 2005 CITY OF MERIDIAN 660 EAST WATERTOWER, SUITE 200 MERIDIAN, ID 83642 ATTN: BRAD WATSON PLEASE FIND ATTACHED OUR ORIGINAL STANDBY LETTER OF CREDIT NUMBER SLCSSEA02245 IN FAVOR OF YOURSELVES, FOR THE ACCOUNT OF: BRIGHTON INVESTMENT, LLC FOR THE ACCOUNT OF BRIGHTON DEVELOPMENT,INC 12601 WEST EXPLORER DRIVE,SUITE 200 BOISE, ID 83713 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 ---------------------- INT NATI AL DEPARTMENT Janet Jaireman sst. 'lice President C bank. Five Star Service Guaranteed ciz) U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 U.S.A. PHONE: 206-344-2398 FAX: 206-344-5078 IRREVOCABLE STANDBY LETTER OF CREDIT -------------------------- AUGUST 2, 2005 --------------- - - - - ------------------------------------------------------- BENEFICIARY: APPLICANT: CITY OF MERIDIAN BRIGHTON INVESTMENTS, LLC FOR THE 660 EAST WATERTOWER, SUITE 200 ACCOUNT OF BRIGHTON DEVELOPMENT, INC. MERIDIAN, ID 83642 12601 WEST EXPLORER DRIVE, SUITE 200 ATTN: BRAD WATSON BOISE, IDAHO 83713 LETTER OF CREDIT NUMBER: SLCSSEA02245 nnnnnnnnnnnnnnn EXPIRY DATE: AUGUST 2, 2006 AT: OUR COUNTERS PRESENTLY LOCATED AT 1420 FIFTH AVENUE, 9TH FLOOR, INTERNATIONAL DEPARTMENT, SEATTLE, WA, 98101 ON OR BEFORE 5:00 P.M. OR AT 101 S. CAPITOL BLVD., 8Tx FLOOR, SUITE 814, AND ATTN: GARY DEGRANGE, BOISE, ID 83702 AT 5:00 P.M. BOISE TIME. --------------------------------------------------------------------------------------------------------- AMOUNT U.S. $312,010.33 NOT EXCEEDING THREE HUNDRED TWELVE THOUSAND TEN AND 33/100 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 THE CITY OF MERIDIAN DUE TO THE FAILURE OF BRIGHTON DEVELOPMENT, INC. TO COMPLETE THE SEWER, WATER, GRAVITY IRRIGATION, PRESSURIZED IRRIGATION, STREET LIGHTS, LANDSCAPING AND FENCING IN QUENZER COMMONS SUBDIVISION #9. " 2. THE ORIGINAL OF THIS LETTER OF CREDIT, INCLUDING ANY AMENDMENTS, MUST BE SUBMITTED TO THE BANK FOR OUR ENDORSEMENT OF ANY PAYMENTS EFFECTED,BY US AND/OR FOR CANCELLATION. 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. SLCSSEA02245". THIS CREDIT IS SUBJECT TO "THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS" (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500". THIS PAGE I FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA02245 C bank® Five Sur SwviceGujrnteed *t** 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 5T" AVENUE, 9T" FLOOR, SEATTLE, WA 98101, OR AT 101 S. CAPITOL BLVD., BS-ID-CB8, 8T" FLOOR, SUITE 814, BOISE, IDAHO 83702, ATTN: GARY DEGRANGE IN PERSON, OR BY OVERNIGHT COURIER, ON OR BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT. U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL BANKING DIVISION Qg!�4 AUTHO ZED SIGNATURE Janet Joi;'#?f3 ai--a Asst. Vice President THIS PAGE 2 FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA02245 FEB - 3 2006 City of Meridian City ClerkOffice SURETY SPREADSHEET Project Name: Date Compiled: Letter of Credit/Bond No.: Issued By: Expiration Date: Check No.: Item Quenzer Commons #9 9/22/2005 SLCSSEA02245 USBank 8/2/2006 na Unfinished Partial Surety Party Responsible For Sign -Off Date Signed Off/ Person Comments Sanitary Sewer -internal $26,229.50 $0.00 $26,229.50 Public Works 11/30/05 TJ Sanitary Sewer -offsite Water -internal Water- Offsite $0.00 $0.00 $118,951.25 $11,895.13 $130,846.38 Public Works 11/30/05 TJ $0.00 $0.00 Public Works Street Lights $9,305.00 $930.50 $10,235.50 Building 11/28/05 VH Landscaping/Fencing $60,345.00 $6,034.50 $66,379.50 PZ reduce to $15,584.24 Pathways $0.00 $0.00 PZ $0.00 $0.00 PZ Tiling $0.00 $0.00 PZ Pressurized Irrigation $48,048.00 $4,804.80 $52,852.80 Public Works 11/30/05 TJ Gravity Irrigation $23,151.50 $2,315.15 $25,466.65 Public Works 11/30/05 TJ Other: $0.00 $0.00 PW $0.00 $0.00 - $0.00 $0.00 $0.00 $0.00 TOTAL: $286,030.25 $25,980.08 authorized reduction BALANCE $312,010.33 $296,426.09 $15,584.24 1/20/06 kg modified to 17143.50 W .1 ba Five Star Service Guaranteed U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 PHONE: 206-344-2398 FAX: 206-344-5365 02/01/06 CITY OF MERIDIAN 660 EAST WATERTOWER, SUITE 200 MERIDIAN, ID 83642 ATTN: BRAD WATSON PLEASE FIND ATTACHED OUR ORIGINAL AMENDMENT TO OUR LETTER OF CREDIT NUMBER SLCSSEA02245 ISSUED IN FAVOR OF YOURSELVES, FOR THE ACCOUNT OF: BRIGHTON INVESTMENT, LLC FOR THE ACCOUNT OF BRIGHTON DEVELOPMENT,INC 12601 WEST EXPLORER DRIVE,SUITE 200 BOISE, ID 83713 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 0 INTERNATIONAL DEPARTMENT Gloria Warrick Letter of Credit Officer bank.* Five Star Service Guaranteed 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 FEBRUARY 1, 2006 Beneficiary: Applicant: CITY OF MERIDIAN BRIGHTON INVESTMENT, LLC FOR THE 660 EAST WATERTOWER, SUITE 200 ACCOUNT OF BRIGHTON DEVELOPMENT,INC MERIDIAN, ID 83642 12601 WEST EXPLORER DRIVE,SUITE 200 ATTN: BRAD WATSON ( BOISE, ID 83713 ------------------------------------------------------ Letter of Credit Number Amendment Number SLCSSEA02245 1 ----------------------------------------------------------- We hereby amend this irrevocable standby letter of credit as follows: 1. Letter of Credit amount is decreased by $294,866.83 to a new available balance of $17,143.50. All other terms and conditions as previously stated remain unchanged. This amendment is to be considered part of the above referenced Letter of Credit and must be attached thereto. U.S. Bank National Association Seattle, Washington uthorized Signature / MAY7 Gloria Warrick Letter of Credit Officer SURETY SPREADSHEET Project Name: Quenzer Commons #9 Date Compiled: 9/22/2005 Letter of Credit/Bond No.: SLCSSEA02245 Issued By: USBank Expiration Date: 8/2/2096 11/2/2006 Check No.: na Item Sanitary Sewer -internal Sanitary Sewer -offsite Water -internal Water- Offsite Street Lights Landscaping/Fencing Pathways Tiling Pressurized Irrigation Gravity Irrigation Other: TOTAL: Unfinished Partial $26,229.50 $0.00 $0.00 $118,951.25 $11,895.13 $0.00 $9,305.00 $930.50 $60,345.00 $6,034.50 $0.00 $0.00 $0.00 $48,048.00 $4,804.80 $23,151.501 $2,315.15 $0.00 $0.00 $0.00 $0.00 86,030.25 $25,980.08 authorized reduction authorized reduction BALANCE 10/9/06 READY TO RELEASE IN FULL KG $26,229.50 $0.00 $130,846.38 $0.00 $10,235.50 $66,379.50 $0.00 $0.00 $0.00 $52,852.80 Party Responsible Date Signed Off/ For Sign -Off Person Public Works j 11/30/05 TJ Public Works Public Works Building PZ PZ PZ PZ Public Works Public Works $0.00 PW $0.00 $0.00 $0.00 312,010.33 $296,426.09 $4,767.24 $10,817.00 received 8/7/06 kg 11/30/05 TJ 11/28/05 VH 11/30/05 TJ 11/30/05 TJ Comm reduce to $10,817.00 Page 1 of 1 Will Berg From: Karie Glenn Sent: Monday, October 09, 2006 4:26 PM To: Will Berg Subject: Quenzer Commons #9.xls Attachments: Quenzer Commons #9.xls attached detail sheet ready to be released in full. 10/9/2006 AUG 11 2006 SURETY SPREADSHEET Project Name: Date Compiled: Letter of Credit/Bond No.: Issued By: Expiration Date: Check No.: Item Quenzer Commons #9 9/22/2005 SLCSSEA02245 USBank 992 11/212005 na Unfinished Partial Surety Party Responsible For Sign -Off Date Signed Off/ Person Comments Sanitary Sewer -internal $26,229.50 $0.00 $26,229.501 Public Works 11/30/05 TJ Sanitary Sewer -offsite Water -internal Water- Offsite $0,00 $0.00 $118,951.25 $11,895.13 $130,846.38 Pubic Works 11/30105 TJ $0.00 $0.00 Public Works Streex Lights $9,305.00 $930.50 $10,235.50 Building 11/28/05 VH Landscaping/Fencing $60,345.00 $6,034.50 $66,379,50 PZ reduce to $10,817.00 Pathways $0.00 $0.00 PZ $0-00 $0.00 PZ Tiling $0.00 $0.00 PZ Pressurized Irrigation $48,048.00 $4,804.80 $52,852.80 Public Works 11/30105 TJ Gravity Irrigation $23,151.50 $2,315.15 $25,466.65 Public Works 11/30/05 TJ Other. $0.00 $0.00 PW $0.00 $0.00 $0.00 $0.00 $0,00 $0.00 TOTAL: $286,030.25 $25,980.08 authorized reduction authorized reduction BALANCE $312,010.33 $296,426.09 $4,767.24 $10,817.00 received 8/7106 kg embank® Five Star Service Gu.Iwd U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 PHONE: 206-344-2398 FAX: 206-344-5365 08/03/06 CITY OF MERIDIAN 660 EAST WATERTOWER, SUITE 200 MERIDIAN, ID 83642 ATTN: BRAD WATSON PLEASE FIND ATTACHED OUR ORIGINAL AMENDMENT TO OUR LETTER OF CREDIT NUMBER SLCSSEA02245 ISSUED IN FAVOR OF YOURSELVES, FOR THE ACCOUNT OF: BRIGHTON INVESTMENT, LLC FOR THE ACCOUNT OF BRIGHTON DEVELOPMENT,INC 12601 WEST EXPLORER DRIVE,SUITE 200 BOISE, ID 83713 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, OR GLORIA WARRICK AT 206-344-2328. U.S. BANK NATIONAL ASSOCIATION ------------- 'NTERNATIONAL DEPARTMENT Gloria Warrick Letter of Credit Officer 'bank® Five 5taz Service Guazanteed * 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 AUGUST 3, 2006 Beneficiary: I Applicant: CITY OF MERIDIAN I BRIGHTON INVESTMENT, LLC FOR THE 660 EAST WATERTOWER, SUITE 200 I ACCOUNT OF BRIGHTON DEVELOPMENT,INC MERIDIAN, ID 83642 112601 WEST EXPLORER DRIVE,SUITE 200 ATTN: BRAD WATSON I BOISE, ID 83713 I ------------------------------------------------------ Letter of Credit Number I Amendment Number SLCSSEA02245 I 2 ----------------------------------------------------------- We hereby amend this irrevocable standby letter of credit as follows: 1. Letter of Credit amount is decreased by $6,326.50 to a new available balance of $10,817.00 2. Expiration date at our counters is extended to November 2, 2006. All other terms and conditions as previously stated remain unchanged. This amendment is to be considered part of the above referenced Letter of Credit and must be attached thereto. U.S. Bank National Association Seattle, Washington `L cAc - — ------------ Authorized Signature / CKP7 - �r of Credit Officer CITY OFOi'. �YlG�1G�"17 IDAHO � y 1� F / SINCE 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 October 16, 2006 Ms. Janet Joireman U. S. Bank Letter of Credit Department 1420 5th Avenue, 9th Floor Seattle, WA 98101 Re: Return Letter of Credit for Quenzer Commons Subdivision # 9 for Brighton Investments, LLC. After a site inspection and review of Quenzer Commons Subdivision # 9 by the Planning Department and the Public Works Department, it has been determined to release the Letter of Credit of $312,010.33 to you for the completion of sewer, water, street lights, landscaping, fencing, pressurized irrigation and gravity irrigation. Please use this letter as authorization for U. S. Bank to release the Irrevocable Letter of Credit No. SLCSSEA02245. 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 Cqt pk.�tveStaz Servaranteed **/ U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 U.S.A. PHONE: 206-344-2398 FAX: 206-344-5078 IRREVOCABLE STANDBY LETTER OF CREDIT AUGUST 2, 2, 2005 BENEFICIARY: APPLICANT: CITY OF MERIDIAN BRIGHTON INVESTMENTS, LLC FOR THE 660 EAST WATERTOWER, SUITE 200 ACCOUNT OF BRIGHTON DEVELOPMENT, INC. MERIDIAN, ID 83642 12601 WEST EXPLORER DRIVE, SUITE 200 ATTN: BRAD WATSON BOISE, IDAHO 83713 LETTER OF CREDIT NUMBER: SLCSSEA02245 An A, nnn AAAA EXPIRY DATE: AUGUST 2, 2006 AT: OUR COUNTERS PRESENTLY LOCATED AT 1420 FIFTH AVENUE, 9TH FLOOR, INTERNATIONAL DEPARTMENT, SEATTLE, WA, 98101 ON OR BEFORE 5:00 P.M. OR AT 101 S. CAPITOL BLVD., 8TH FLOOR, SUITE 814, AND ATTN: GARY DEGRANGE, BOISE, ID 83702 AT 5:00 P.M. BOISE TIME. AMOUNT U.S. $312,010.33 NOT EXCEEDING THREE HUNDRED TWELVE THOUSAND TEN AND 33/100 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 THE CITY OF MERIDIAN DUE TO THE FAILURE OF BRIGHTON DEVELOPMENT, INC. TO COMPLETE THE SEWER, WATER, GRAVITY IRRIGATION, PRESSURIZED IRRIGATION, STREET LIGHTS, LANDSCAPING AND FENCING IN QUENZER COMMONS SUBDIVISION #9. " THE ORIGINAL OF THIS LETTER OF CREDIT, INCLUDING ANY AMENDMENTS, MUST BE SUBMITTED TO THE BANK FOR OUR ENDORSEMENT OF ANY PAYMENTS EFFECTED BY US AND/OR FOR CANCELLATION. 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. SLCSSEA02245". 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. SLCSSEA02245 .0 bank' Five Star Service Guaranteed *r* 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 AT 101 S. CAPITOL BLVD., BS-ID-CB8, 8TH FLOOR, SUITE 814, BOISE, IDAHO 83702, ATTN: GARY DEGRANGE IN PERSON, OR BY OVERNIGHT COURIER, ON OR BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT. U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL BANKING DIVISION Q!:!�4 4�-� AUTHO ZED SIGNATURE Janet Joiner; Ia Asst. Vice President THIS PAGE 2 FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA02245 dank® Five Stat Senice Gua=teed U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 PHONE: 206-344-2398 FAX: 206-344-5365 AUGUST 2, 2005 CITY OF MERIDIAN 660 EAST WATERTOWER, SUITE 200 MERIDIAN, ID 83642 ATTN: BRAD WATSON PLEASE FIND ATTACHED OUR ORIGINAL STANDBY LETTER OF CREDIT NUMBER SLCSSEA02245 IN FAVOR OF YOURSELVES, FOR THE ACCOUNT OF: BRIGHTON INVESTMENT, LLC FOR THE ACCOUNT OF BRIGHTON DEVELOPMENT,INC 12601 WEST EXPLORER DRIVE,SUITE 200 BOISE, ID 83713 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 ,. --- ---- ------------------- INT NATI AL DEPARTMENT Janet Jeireman ASSt. Mice President embank® Five Star Service Guaranteed U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 PHONE: 206-344-2398 FAX: 206-344-5365 08/03/06 CITY OF MERIDIAN 660 EAST WATERTOWER, SUITE 200 MERIDIAN, ID 83642 ATTN: BRAD WATSON PLEASE FIND ATTACHED OUR ORIGINAL AMENDMENT TO OUR LETTER OF CREDIT NUMBER SLCSSEA02245 ISSUED IN FAVOR OF YOURSELVES, FOR THE ACCOUNT OF: BRIGHTON INVESTMENT, LLC FOR THE ACCOUNT OF BRIGHTON DEVELOPMENT,INC 12601 WEST EXPLORER DRIVE,SUITE 200 BOISE, ID 83713 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, OR GLORIA WARRICK AT 206-344-2328. U.S. BANK NATIONAL ASSOCIATION - `�- -- ----- ----- NTERNATIONAL DEPARTMENT Gloria Warrick Letter of Credit Officer �bank®* Five Star Service Guaranteed 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 AUGUST 3, 2006 Beneficiary: I Applicant: CITY OF MERIDIAN I BRIGHTON INVESTMENT, LLC FOR THE 660 EAST WATERTOWER, SUITE 200 ACCOUNT OF BRIGHTON DEVELOPMENT,INC MERIDIAN, ID 83642 12601 WEST EXPLORER DRIVE,SUITE 200 ATTN: BRAD WATSON BOISE, ID 83713 I ---------------------------------------------- Letter of Credit Number Amendment Number SLCSSEA02245 2 ---------------------------------------------------- We hereby amend this irrevocable standby letter of credit as follows: 1. Letter of Credit amount is decreased by $6,326.50 to a new available balance of $10,817.00 2. Expiration date at our counters is extended to November 2, 2006. All other terms and conditions as previously stated remain unchanged. This amendment is to be considered part of the above referenced Letter of Credit and must be attached thereto. U.S. Bank National Association Seattle, Washington Authorized Signature / CKP7 Le tter 04; Officer ,Wbank, Five Star Service Guaranteed U.S. BANK NATIONAL ASSOCIATION INTERNATIONAL DEPARTMENT 1420 FIFTH AVENUE, 9TH FLOOR SEATTLE, WA 98101 PHONE: 206-344-2398 FAX: 206-344-5365 02/01/06 CITY OF MERIDIAN 660 EAST WATERTOWER, SUITE 200 MERIDIAN, ID 83642 ATTN: BRAD WATSON PLEASE FIND ATTACHED OUR ORIGINAL AMENDMENT TO OUR LETTER OF CREDIT NUMBER SLCSSEA02245 ISSUED IN FAVOR OF YOURSELVES, FOR THE ACCOUNT OF: BRIGHTON INVESTMENT, LLC FOR THE ACCOUNT OF BRIGHTON DEVELOPMENT,INC 12601 WEST EXPLORER DRIVE,SUITE 200 BOISE, ID 83713 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 INTERNATIONAL DEPARTMENT Gloria Warrick Letter of Credit Officer Mbank® Five Star Service Guaranteed te-� 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 FEBRUARY 1, 2006 Beneficiary: Applicant: CITY OF MERIDIAN BRIGHTON INVESTMENT, LLC FOR THE 660 EAST WATERTOWER, SUITE 200 ACCOUNT OF BRIGHTON DEVELOPMENT,INC MERIDIAN, ID 83642 12601 WEST EXPLORER DRIVE,SUITE 200 ATTN: BRAD WATSON BOISE, ID 83713 ------------------------------------------- Letter of Credit Number Amendment Number SLCSSEA02245 ( 1 ------------------------------------------- We hereby amend this irrevocable standby letter of credit as follows: 1. Letter of Credit amount is decreased by $294,866.83 to a new available balance of $17,143.50. All other terms and conditions as previously stated remain unchanged. This amendment is to be considered part of the above referenced Letter of Credit and must be attached thereto. U.S. Bank National Association Seattle, Washington uthorized Signature / MAY7 LaUar of Credit Officer