HomeMy WebLinkAboutLetter of CreditE IDIAN--
January 27, 2014
Washington Trust Bank
Southern Idaho Real Estate
3251 East Presidential Drive
Meridian, ID 83642
Mayor Tammy de Weerd
City Council Members:
Keith Bird
Brad Hoaglun
Charles Rountree
David Zaremba
Re: Release of Letters of Credit No. 24602 and 24604 for Heartland Homes, L.L.C.
(Canterbury Commons No. 1)
After a review of the above referenced project by the Planning Department and the
Public Works Department, it has been determined to release the Letters of Credit in the
original amounts of $302,498.26 and $159,640.86. Please use this letter as
authorization for Washington Trust Bank to release the Letters of Credit No. 24602 and
24604.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
ja
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Jaycee L. Holman
City Clerk
Enclosure
E IDIAN^--
Community Development
Department
To:
From:
Re:
Jaycee,
Community Development Dept.
Meridian City Hall, Suite 102
33 E. Broadway Avenue
Meridian, Idaho 83642
MEMORANDUM
January 15, 2014
Jaycee Holman, City Clerk
Bruce Freckleton, Development Services Manager
Canterbury Commons Subdivision #1— Release of Performance Surety
Attached is a copy of the City Engineer's final acceptance letter that officially signifies that the
construction phase of the above named project is complete. At this time, I am requesting that
you release the Performance Surety (copy attached) that was posted to guarantee the
completion of the development features.
Please let me know if you should have any questions or concerns,
Thank you,
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Community Development
Deportment
Community Development Dept.
Meridian City Hall, Suite 102
33 E. Broadway Avenue
Meridian, Idaho 83642
MEMORANDUM
August 26, 2013
To: Jaycee, Holman, City Clerk
From: Bruce Freckleton, Development Services Manager
Re: Canterbury Commons Subdivision No. 1— Performance Surety
Jaycee,
Attached are two original Performance Sureties in the form of Irrevocable Standby Letters of
Credit Numbers 24604, and 24602, issued by Washington Trust Bank on behalf of their client,
Heartland Homes, LLC, as a guarantee of completion of development improvements in the
Canterbury Commons Subdivision No. 1. 1 have also attached a Surety Breakdown for this
development.
Please let me know if you should have any questions or concerns.
Thank you,
I
Washington Trust Bank rilp
IRREVOCABLE STANDBY
LETTER OF CREDIT NO.24602
DATE: AUGUST 15, 2013
AMOUNT: $302,498.26
City of Meridian Public Works
33 E Broadway Avenue
Meridian, ID 63642-2619
Ladies and Gentlemen:
L�004 k
We hereby establish our Irrevocable Standby Letter of Credit No. 24602 in your favor for the account of
HEARTLAND HOMES, L.L.C., 2358 S. Titanium Place, Meridian, ID 83642-6867, up to the aggregate
amount of THREE HUNDRED TWO THOUSAND FOUR HUNDRED NINETY EIGHT AND 26,100 ($302,498.26) U.S. currency, available by your draft(s) drawn at sight on us and presented to
Washington Trust Bank on or before August 15, 2014, covering Canterbury Commons Subdivision No. 1, and
accompanied by the following:
A signed statement from the City of Meridian Public Works reading exactly as follows:
"I, the undersigned duly authorized representative of the City of Meridian Public Works, hereby
certify that the draft drawn under this Letter of Credit represents the amount of money required
to complete the subdivision improvements and' -or other work as is incidental and related thereto
in accordance with the drawings and specifications as submitted to the City of Meridian Public
Works."
2. Original of this Letter of Credit.
All drafts presented under the credit must contain the clause "Drawn under Washington Trust Bank Letter of
Credit No. 24602".
Any and all banking charges, other than those of the issuing bank, are for the account of the beneficiary.
We hereby engage with the drawers and bona fide holders of drafts drawn under and in compliance with the terms
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 August 15,
2014.
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,
Erik Pray
Assistant Vice President
Washington Trust Bank
Southern Idaho Real Estate 3251 East Presidential Drive Meridian, Idaho 83642.6009
Fax (208) 884-2703
wu'w.watrust.com
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WashingtonTrust Bank 1"11,
IRREVOCABLE STANDBY
LETTER OF CREDIT NO. 24604
DATE: AUGUST 15, 2013
AMOUNT: $ 159,640.86
City of Meridian Planning and Zoning
33 E Broadway Avenue
Meridian, ID 63642-2619
Ladies and Gentlemen:
We hereby establish our Irrevocable Standby Letter of Credit No. 24604 in your favor for the account of
HEARTLAND HOMES, L.L.C., 2358 S. Titanium Place, Meridian, ID 83642-6867, up to the aggregate
amount of ONE HUNDRED FIFTY NINE THOUSAND SIX HUNDRED FORTY AND 86,'100 ------ Dollars
($159,640.86) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington
Trust Bank on or before August 15, 2014, covering Canterbury Commons Subdivision No. 1, and accompanied
by the following:
I. A signed statement from the City of Meridian Planning and Zoning reading exactly as
follows:
"I, the undersigned duly authorized representative of the City of Meridian Planning and Zoning,
hereby certify that the draft drawn under this Letter of Credit represents the amount of money
required to complete the subdivision improvements and/or other work as is incidental and
related thereto in accordance with the drawings and specifications as submitted to the City of
Meridian Planning and Zoning."
2. Original of this Letter of Credit.
All drafts presented under the credit must contain the clause "Drawn under Washington Trust Bank Letter of
Credit No. 24604".
Any and all banking charges, other than those of the issuing bank, are for the account of the beneficiary.
We hereby engage with the drawers and bona fide holders of drafts drawn under and in compliance with the terms
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 August 12,
2014.
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.
S}pcerely,
Pray
Assistant Vice President
Washington Trust Bank
Southern Idaho Real Estare 3251 East Presidential Drive Meridian, Idaho 83642-6009
Fax (208) 884-2703
ww%k%%,atrust.com
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Mayor Tammy de Weerd
EN��� City Council Members:
�1i Keith Bird
Brad Hoaglun
Charles Rountree
David Zaremba
January 15, 2014
Mr. John Laude, Sr. McMaster Construction & Development
Heartland Homes, LLC 16166 N. 20' Street
2358 S. Titanium Place Nampa, Idaho 83687
Meridian, Idaho 83642
RE: Canterbury Commons Subdivision #1 — Final Acceptance
Dear Mr. Laude:
Installation of this project's sanitary sewer and/or domestic water systems has been
satisfactorily completed in accordance with the approved plans. These systems have passed
the required testing in accordance with City of Meridian Standard Specifications and Drawings,
and therefore are hereby accepted by the City for ownership and normal maintenance.
Record drawings submitted to us for this project are also accepted and are being forwarded to
the Idaho Department of Environmental Quality. The engineer of record is responsible for
certification of the record drawings as to horizontal and vertical location of all public water and
sewer facilities installed.
In accordance with the City of Meridian's Unified Development Code §11-5C-3, and the City of
Meridian's Supplemental Specifications and Drawings to the Idaho Standards for Public Works
Construction, 2013 Edition, the installation and materials of the sewer and domestic water
systems are to be warranted against defect by the owner for a period of two -years from the date
of this letter.
Sincerely,
Warren Stewart, P.E.
City Engineer
cc. City Clerk
PW - Water Division
PW - Wastewater Division
PW - Construction Division
File
DEQ
Public Works Department . 33 E Broadway Ave, Suite 200, Meridian, ID 83642
Phone 208-898-5500 . Fax 208-898-9551 . www.meridiancity.org
E IDIAN --
Community Development
Department
Community Development Dept.
Meridian City Hall, Suite 102
33 E. Broadway Avenue
Meridian, Idaho 83642
MEMORANDUM
August 26, 2013
To: Jaycee, Holman, City Clerk
From: Bruce Freckleton, Development Services Manager
Re: Canterbury Commons Subdivision No. 1— Performance Surety
Jaycee,
Attached are two original Performance Sureties in the form of Irrevocable Standby Letters of
Credit Numbers 24604, and 24602, issued by Washington Trust Bank on behalf of their client,
Heartland Homes, LLC, as a guarantee of completion of development improvements in the
Canterbury Commons Subdivision No. 1. 1 have also attached a Surety Breakdown for this
development.
Please let me know if you should have any questions or concerns.
Thank you,
Bruce
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