The URL can be used to link to this page

Home My WebLink AboutBonding, Signing, Recording Final PlatCITY OF 0/1 IDAHO F h�FR °Iue TRE:�SL'IiE. V �� S'XGE i l i Baa MAYOR Tammy de Weerd CITY COUNCIL MEMBERS Keith Bird Joseph W. Borton Charles M. Rountree David Zaremba 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 888-6854 Police 1401 E. Watertower Lane 888-6678/fax 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 July 20, 2007 Stella Rosales Bank of America, N.A. 1000 W. Temple Street Los Angeles, CA 90012-15140 213-481-7835 Re: Return Letter of Credit for Porky Park Subdivision #1 for VJ Joint Venture After a site inspection and review of Porky Park Subdivision #1 project by the Public Works Department, it has been determined to release the Letter of Credit of $80,000 to you for the completed site improvement of the pressurized irrigation station. Please use this letter as authorization for Bank of America to release the Irrevocable Standby Letter of Credit No. 3079925. If you have any questions please contact me. Thank you for your cooperation. Sincerely 'AZ) William G. Berg, Jr. City Clerk Enclosure CITY HALL 33 FAST 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 BANK OF AMERICA - CONFIDENTIAL PAGE: 1 DATE: DECEMBER 19, 2006 AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3079925 AMENDMENT NUMBER 1 BENEFICIARY APPLICANT CITY OF MERIDIAN VJ JOINT VENTURE PUBLIC WORKS DEPARTMENT 3084 EAST LANARK 660 E. WATERTOWER NO. 200 MERIDIAN, ID 83642 MERIDIAN, ID 83642 THIS AMENDMENT IS TO BE CONSIDERED AN INTEGRAL PART OF THE ABOVE CREDIT AND MUST BE ATTACHED THERETO. THE ABOVE MENTIONED CREDIT IS AMENDED AS FOLLOWS: THE EXPIRATION DATE IS AMENDED TO: JULY 31, 2007. ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS AMENDMENT, PLEASE CALL 213-481-7835. AUTHORIZ SIGIIATURE� /" THIS{{DOCUMENT CONSISTS OF 1 PAGE(S). S1 ELLA LES ORIGINAL Bank of America, N.A. Trade Operations CA9-705-07-05 1000 W. Temple St., Los Angeles, CA 90012-15140 00-35-0201NSB 10-2005 Bankof America BANK OF AMERICA - CONFIDENTIAL DATE: JANUARY 26, 2006 PAGE: 1 IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER:.3079925 BENEFICIARY CITY OF MERIDIAN PUBLIC WORKS DEPARTMENT 660 E. WATERTOWER NO. 200 MERIDIAN, ID 83642 APPLICANT VJ JOINT VENTURE 3084 EAST LANARK MERIDIAN, ID 83642 AMOUNT NOT EXCEEDING USD 80,000.00 NOT EXCEEDING EIGHTY THOUSAND AND 00/1001S US DOLLARS EXPIRATION JANUARY 31, 2007 AT OUR COUNTERS WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 3079925 IN YOUR FAVOR IN AN AMOUNT NOT EXCEEDING U.S. EIGHTY THOUSAND AND 00/100 ($80,000.00) DOLLARS AVAILABLE FOR PAYMENT WITH US AGAINST PRESENTATION OF THE ORIGINAL OF THIS LETTER OF CREDIT AND YOUR DRAFT(S) AT SIGHT DRAWN ON BANK OF AMERICA, N.A., ACCOMPANIED BY THE FOLLOWING DOCUMENT(S): BENEFICIARY'S SIGNED STATEMENT STATING THAT THE DRAWING AMOUNT REPRESENTS FUNDS DUE TO THE CITY OF MERIDIAN DUE TO THE FAILURE OF VJ JOINT VENTURE TO COMPLETE THE PRESSURIZED IRRIGATION SYSTEM IN PORKY PARK SUBDIVISION. PARTIAL DRAWINGS ARE PERMITTED. EACH DRAFT MUST BEAR ON ITS FACE THE CLAUSE "DRAWN UNDER BANK OF AMERICA, N.A. LETTER OF CREDIT NUMBER 3079925 DATED JANUARY 26, 2006." WE HEREBY ENGAGE WITH YOU THAT THE DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION, AS SPECIFIED HEREIN. THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES (ISP98) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 590. ORIGINAL Bank of America, N.A. Trade Operations CA9-705-07-05 1000 W. Temple St., Los Angeles, CA 90012-15140 00-35-0201NSB 10-2005 Bankof America '10"-, BANK OF AMERICA - CONFIDENTIAL PAGE: 2 THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 3079925 IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS TRANSACTION, PLEASE CALL 213-481-7845. ------------- AU HORIZED SIGNATURE THIS DOCUMENT CONSISTS OF 2 PAGE(S). c,lhiva ' Ci3rrflli ORIGINAL Bank ofAmerica, N.A. Trade Operations CA9-705-07-05 1000 W. Temple St., Los Angeles, CA 90012-15140 00-35-0201NSB 10-2005 SURETY SPREADSHEET Project Name: Porky Park Date Compiled: 2/2/2006 Letter of Credit/Bond No.: 3079925 Issued By: Bank of America Expiration Date: 113112007 Check No.: Item Unfinished 7/31/2007 Partial Surety Party Responsible Date Signed Off/ For Sign -Off Person Comments Sanitary Sewer -internal $0.00 $0.00 Public Works T Sanitary Sewer -offsite $0.00 $0.00 Water -internal $0.00 $0.00 Public Works Water- Offsite $0.00 $0.00 Public Works Street Lights $0.00 $0.00 Building Landscaping $0.00 $0.00 PZ - Pathways $0.00 $0.00 PZ Fencing $0.00 $0.00 PZ Tiling $0.00 $0.00 PZ Pressurized Irrigation $0.00 $0.00 NMID Gravity Irrigation $0.00 $0.00 NMID Other: PI- Pump Station $0.00 $80,000.00 PW 7/19/07 SO $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 TOTAL: $0.00 $0.00 $80,000.00 7/19/07 READY TO BE RELEASED IN FULL KG Page 1 of 1 Will Berg From: Karie Glenn Sent: Thursday, July 19, 2007 11:58 AM To: Will Berg Subject: Porky Park.LOC RELEASE Attachments: Porky Park.xls attached detail sheet ready to be released in full. 7/19/2007 DEC 2 2 2006 City- 17itV ClPrl' SURETY SPREADSHEET Project Name: Date Compiled: Letter of Credit/Bond No.: Issued By: Expiration Date: Check No.: Item Porky Park 2/2/2006 3079925 Bank of America 1I49190n7 Unfinished 7/31/2007 Partial Surety Party Responsible Date Signed Off/ For Sign -Off Person Comments Sanitary Sewer -internal $0.00 $0.00 Public Works Sanitary Sewer -offsite $0.00 $0.00 Water -internal $0.00 $0.00 Public Works Water- Offsite Street Lights $0.00 $0.00 $0.00 $0.00 Public Works Building Landscaping $0.00 $0.00 PZ Pathways $0.00 $0.00 PZ Fencing $0.00 $0.00 PZ Tiling $0.00 $0.00 PZ Pressurized Irrigation $0.00 $0.00 NMID Gravity Irrigation $0.00 $0.00 NMID Other: Pl- Pump Station $0.00 $80,000.00 PW $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 TOTAL: $0.00 $0.00 $80,000.00 j BANK OF AMERICA - CONFIDENTIAL PAGE: 1 DATE: DECEMBER 19, 2006 AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3079925 AMENDMENT NUMBER 1 BENEFICIARY APPLICANT CITY OF MERIDIAN VJ JOINT VENTURE PUBLIC WORKS DEPARTMENT 3084 EAST LANARK 660 E. WATERTOWER NO. 200 MERIDIAN, ID 83642 MERIDIAN, ID 83642 THIS AMENDMENT IS TO BE CONSIDERED AN INTEGRAL PART OF THE ABOVE CREDIT AND MUST BE ATTACHED THERETO. THE ABOVE MENTIONED CREDIT IS AMENDED AS FOLLOWS: THE EXPIRATION DATE IS AMENDED TO: JULY 31, 2007. ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS AMENDMENT, PLEASE CALL 213-481-7835. AUTHORIZ SIG ATURE THIS DOCUMENT CONSISTS OF 1 PAGE(S). +. E EL%.,,fie ORIGINAL Bank ofAmerica, N.A. Trade Operations CA9-705-07-05 1000 W. Temple St., Los Angeles, CA 90012-15140 00-35-0201NSB 10-2005 ECEIVE: FEB -1 2006 City of Meridian City Clerk office Memo To: Will Berg From: Lenard A Grady, P.E. CC: File, Karie, P & Z Staff Date: 2/1/06 Re: Porky Park #1 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. 3079925 (Bank of America — dated 1/26/06) for $80,000.00. This represents surety for items, and in amounts, listed on the attached spreadsheet. Please call Matt Munger with Munger Engineering @ 426-8314 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 gradylmerdiancity.org N a LL a U) Q BankofAmerica BANK OF AMERICA - CONFIDENTIAL DATE: JANUARY 26, 2006 PAGE: 1 IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER:.3079925 BENEFICIARY CITY OF MERIDIAN PUBLIC WORKS DEPARTMENT 660 E. WATERTOWER NO. 200 MERIDIAN, ID 83642 APPLICANT VJ JOINT VENTURE 3084 EAST LANARK MERIDIAN, ID 83642 AMOUNT NOT EXCEEDING USD 80,000.00 NOT EXCEEDING EIGHTY THOUSAND AND 00/100'S US DOLLARS EXPIRATION JANUARY 31, 2007 AT OUR COUNTERS WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 3079925 IN YOUR FAVOR IN AN AMOUNT NOT EXCEEDING U.S. EIGHTY THOUSAND AND 00/100 ($80,000.00) DOLLARS AVAILABLE FOR PAYMENT WITH US AGAINST PRESENTATION OF THE ORIGINAL OF THIS LETTER OF CREDIT AND YOUR DRAFT(S) AT SIGHT DRAWN ON BANK OF AMERICA, N.A., ACCOMPANIED BY THE FOLLOWING DOCUMENT(S): BENEFICIARY'S SIGNED STATEMENT STATING THAT THE DRAWING AMOUNT REPRESENTS FUNDS DUE TO THE CITY OF MERIDIAN DUE TO THE FAILURE OF VJ JOINT VENTURE TO COMPLETE THE PRESSURIZED IRRIGATION SYSTEM IN PORKY PARK SUBDIVISION. PARTIAL DRAWINGS ARE PERMITTED. EACH DRAFT MUST BEAR ON ITS FACE THE CLAUSE "DRAWN UNDER BANK OF AMERICA, N.A. LETTER OF CREDIT NUMBER 3079925 DATED JANUARY 26, 2006." WE HEREBY ENGAGE WITH YOU THAT THE DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION, AS SPECIFIED HEREIN. THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES (ISP98) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 590. ORIGINAL Bank ofAmerica, N.A. Trade Operations CA9-705-07-05 1000 W. Temple St., Los Angeles, CA 90012-15140 00-35-0201NSB 10-2005 BanofAmerica BANK OF AMERICA - CONFIDENTIAL PAGE: 2 THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 3079925 IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS TRANSACTION, PLEASE CALL 213-481-7845. ------------ AU,HORIZED SIGNATURE THIS DOCUMENT CONSISTS OF 2 PAGE(S). ORIGINAL Bank of America, N.A. Trade Operations CA9-705-07-05 1000 W. Temple St., Los Angeles, CA 90012-15140 00-35-0201NSB 10-2005