HomeMy WebLinkAboutIrvine Subdivision No. 3 (2)November 2, 2018
Washington Trust Bank
Southern Idaho Commercial Banking
3251 East Presidential Drive
Meridian, Idaho 83642
M ayor Tammy de Weerd
City Council Members:
Luke Cavener JoeBortl
0
Ty Palmer Genesis Mila
T reg Bernt Anne Little Robe
Re: Release of Credit Letter No. 25497 for Corey Barton Homes, Inc., c/o Heartland
Homes, L.L.C, (Irvine Subdivision No. 3)
After a review of the above referenced project by the Planning Department and the Public
Works Department, it has been determined to release the Letter of Credit in the amount of
$6157162.10. Please use this letter as'authorization for Washington Trust Bank to release
Letter of Credit 25497.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely, ,-,,
C.Jay Coles
City Clerk
Enclosure
City Clerk's Office m 33 E. Broadway Avenue, Meridian, ID 83642
Phone 208-888-4433 m Fax 208-888-4218 m www.meridiancity.org
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Washington Trust BankMember FDIC PIP
IRREVOCABLE STANDBY
LETTER OF CREDIT NO. 25497
DATE: JUNE 7, 2018
AMOUNT: $615,162.10
City of Meridian
Attn: Bruce Freckleton
33 E. Broadway Avenue, Suite 102
Meridian, ID 83642
Ladies and Gentlemen:
We hereby establish our Irrevocable Standby Letter of Credit No. 25497 in your favor for the account of Corey
Barton Homes, Inc., c/o Heartland Homes, L.L.C., 9839 W. Cable Car Street, Suite 101, Boise, ID 83709 up to
the aggregate amount of Six Hundred Fifteen Thousand One Hundred Sixty Two and 10/100 ---------- Dollars
($6155162.10) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington Trust
Bank on or before June 7, 2019 covering sewer, water, street lights, landscaping, fencing, and irrigation for Irvine
Subdivision No. 3 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 cover
sewer, water, street lights, landscaping, fencing.and irrigation for Irvine Subdivision No. 3."
2. The original of this Letter of Credit and any amendments thereto.
All drafts presented under the credit must contain the clause "Drawn under Washington Trust Bank Letter of
Credit No. 25497". Any and all banking charges, other than those of the issuing bank, are for the account of the
beneficiary.
We hereby engage e with the drawers and bona fide holders of drafts drawn under and in compliance with the terms
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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 June 7, 2019.
All drawings under this credit will be governed by the Uniform Customs & Practice for Documentary Credits
(2007 Revision) International Chamber of Commerce Publication No. 600.
Sincerely, �
r
David Hall
Vice President
Washington Trust Bank
Southern Idaho Commercial Banking 3251 East Presidential Drive Meridian, Idaho 83642-6009
Phone (208) 884-2749 Fax (208) 884-2704
watrust.com
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