The URL can be used to link to this page

Home My WebLink AboutLetter of Creditn QMayor Tammy de Weerd ENIDIANN,----- (-0Awn 41I, /I v�IFAQ) C1 .4 Y 2010 August 19, 2010,& Attn: Dean Oberst Washington Trust Bank Southern Idaho Builder Services 3251 East Presidential Drive Meridian, Idaho 83642 City Council Members: Keith Bird Brad Hoaglun Charles Rountree David Zaremba Re: Release of Letter of Credit No. 24172 for Hubble Homes (Estancia Subdivision) 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 original amount of $277,508.11. Please use this letter as authorization for Washington Trust Bank to release the Letter of Credit No. 24172. If you have any questions, please contact me at (208) 888-4433. Thank you for your cooperation, Sincerely, e Jaycee L. Holman City Clerk Enclosure Jaycee Holman From: Scott Steckline Sent: Thursday, August 19, 2010 12:00 PM 1-' To: Jaycee Holman Subject: FW: Attachments: 20100819115159281. pdf 2010081911515928 1.pdf (160 KB)... Jaycee, Please release the Letter of credit for the Estancia Subdivision #24172 Washington Trust in the amount of $277,508.11, as the developer will be coming into the office today to give the city a cashiers check. Scott Steckline 1 IRREVOCABLESTANDBY LETTER OF CREDIT NO.24172 AMOUNT: $277,508.11 DATE: MAY 25, 2007 City of Meridian Attn: Will Berg 33 E. Idaho Ave. Meridian, ID 83642 Ladies and Gentlemen: We hereby establish our Irrevocable Standby Letter of Credit No. 24172 in your favor for the account of HUBBLE HOMES, LLC, 701 So. Allen Street, Ste. 104, Meridian, ID 83642, up to the aggregate amount of TWO HUNDRED SEVENTY SEVEN THOUSAND FIVE HUNDRED EIGHT AND 11/100-----Dollars ($277,508.11) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington Trust Bank on or before MAY 25, 2008 covering Estancia Subdivision 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 better of Credit represents the amount of money required to complete the subdivision improvements at Estancia Subdivision." 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. 24172". 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 +1.. + F+l.:.. Y ..+a,... ,.F /'`.....]:a +L... .l_,. R,.._.:17 t_ .7..1_. L..�__...� presentation a. ,., .] dell Ivory _i' uLc K�iL ills of L711J Lead Vl CIrculL LIlaL Luc to al LJ Win De duly Honored u1JUu presenta ion and delIvo y o documents, as specified, to Washington Trust Bank, Fairview Branch, 3251 E. Presidential Drive, Meridian, ID 83642, on or before MAY 25, 2008. All drawings under this credit will be governed by the Uniform Customs & Practice for Documentary Credits (1993 Revision) International Chamber of Commerce Publication No. 500. Sincerely, r. Dean Oberst Senior Vice President Southern Idaho Washington Trust Financial Center P. O. Box 2127, Spokane, Washington 99210-2127 (509)353-4177 Fax (509) 353-3905 VVash!rKjton Trust Bank 111® AMENDMENT # 01 TO IRREVOCABLE STANDBY LETTER OF CREDIT NO. 24172 DATED: May 25, 2007 AMOUNT: $ 277,508.11 June 9, 2008 City of Mer idian Attention: Will Berg 33 E. Idaho Avenue Meridian, ID 83642 Gentlemen: This letter will serve as our Amendment to Letter of Credit No. 24172 in your favor for the account of HUBBLE HOMES, LLC, 701 S. Allen Street, Suite 204, Meridian, ID 83642 up to the aggregate amount of TWO HUNDRED SEVENTY SEVEN THOUSAND FIVE HUNDRED EIGHT AND 11/100 -Dollars ($277,508.11) covering Estancia Subdivision and accompanied by the following: . I. Amend expiry date FROM "May 25, 2008" TO "May 25, 2009". All other terms and conditions of Letter of Credit No. 24172 remain unchanged. 1 ` Si cerely�'* 1 9 Car�inso�-- Vice President Southern Idaho Builder Services 3251 East Presidential Drive Phone (208) 884-2746 Fax (208) 884-2 03 Meridian, Idaho 83642 6QQg watrust.cotn Washington Trust Bank 1 1, AMENDMENT # 02 TO IRREVOCABLE STANDBY LETTER OF CREDIT NO, 24172 DATED: May 25, 2007 AMOUNT: $ 277,508.11 May 20, 2009 City of Meridian Attn: Karie Glenn 33 E. Broadway Ave., Ste 200 Meridian, Idaho 83642 Ladies and Gentlemen: This letter will serve as our Amendment to Letter of Credit No. 24172 in your favor for the account of HUBBLE HOMES, LLC, 701 So. Allen St., Ste 104, Meridian, Idaho, 83642 up to the aggregate amount of TWO HUNDRED SEVENTY SEVEN THOUSAND FIVE HUNDRED EIGHT AND 11/100 - Dollars ($277,508.11) covering Estancia Subdivision and accompanied by the following: . 1. Amend expiry date FROM "May 25, 2009" TO "May 25, 2010". 2. Change address of Beneficiary FROM "33 E. Idaho Avenue, Meridian, Idaho, 83642" TO "33 E. Broadway Ave., Ste 200, Meridian, Idaho, 83642". All other terms and conditions of Letter of Credit No. 24172 remain unchanged. Vice President Southern Idaho Builder Services 3251 East Presidential Drive Meridian, Idaho 83642 Phone (208) 884-2746 Fax (208) 884_7703 www.watruSt. Corn Washimjton Trust Bank' AMENDMENT # 03 TO IRREVOCABLE STANDBY LETTER OF CREDIT NO. 24172 DATED: May 25, 2007 AMOUNT: $ 277,508.11 May 21, 2010 City of Meridian Attn: Karie Glenn 33 E. Broadway Ave., Ste 200 Meridian, ID 83642 Ladies and Gentlemen: This letter will serve as our Amendment to Letter of Credit No. 24172 in your favor for the account Of HUBBLE HOMES, LLC, 701 S. Allen St., Ste 104, Meridian, ID, 83642 UP to the amount of TWO HUNDRED SEVENTY SEVEN THOUSAND FIVE HUNDRED EIGHTrAND 11/100 -Dollars ($277,508.11) coverin g Estancia Subdivision and accompanied by the following: . 1 • Amend expiry date FROM "May 25, 2010" TO "August 25, 2010". All other terms and conditions of Letter of Credit No. 24172 remain unchanged. Sincerely, Dean Oberst Senior Vice President Washington Trust Bank Washington Trust Financial Center P.O. Box 2127 Phone (509) 353-BANK (2265 Sl�kane, Wa,hington 99210-2127 µ'KIvwatrust.com Outside Spokane 1-800-7884578