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Home My WebLink AboutLetter of CreditcE IDIAN,,.-- October 12, 2011 Attn: Alex Westfall Washington Trust Bank 901 West Bannock Avenue Boise, ID 83702 Mayor Tammy de Weerd City Council Members: Keith Bird Brad Hoaglun Charles Rountree David Zaremba �ffPal- 007 Re: Release of Letter of Credit No. 24385-R (Meridian Storage Condos After a site inspection and review of the above referenced project by the Planning Department and the Public Works Department, it has been determined to release Letter of Credit in the amount of $58,261.55 for completion of landscaping. Pleas the this letter as authorization for Washington Trust Bank to release the Letter of Case use 24385-R. edit No. If you have any questions, please contact me at (208) 888-4433. Thank you f cooperation. y or your Sincerely, Jaycee L. Holman City Clerk Enclosure Washington Trust Bank r1j; IRREVOCABLE STANDBY LETTER OF CREDIT NO.24385-R AMOUNT: $58,261.55 DATE: OCTOBER 15, 2008 City of Meridian Attn: Karie Glenn 660 E. Watertower Lane Suite 202 Meridian, Idaho 83642 Ladies and Gentlemen: We hereby establish our Irrevocable Standby Letter of Credit No. 24385-R in your favor for the account of MSSB ENTERPRISES LLC, P.O. Box 50505, Boise, Idaho, 83705, up to the aggregate amount of FIFTY EIGHT THOUSAND TWO HUNDRED SIXTY ONE AND 551100--------Dollars ($58,261.55) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington Trust Bank on or before OCTOBER 15, 2009 covering the Meridian Storage Condos 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 complete the landscaping improvements at the Meridian Storage Condos." 2. Original of this Letter of Credit. All drafts presented under the credit must contain the clause 'Drawn under Washington Tnist Bank Letter of Credit No. 24385-R". 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, Fairview Branch, 3251 E. Presidential Drive, Meridian, ID 83642, on or before OCTOBER 15, 2009. 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, Alex estfall Vice President THIS IS A DUPLICATE OF THE ORIGINAL LETTER OF CREDIT AND REPLACES THE ORIGINAL IN ITS ENTIRETY. Boise Downtown Branch 901 West Bannock Avenue Boise, Idaho 83702 Phone (208) 343-5000 Fax (208) 333-9460 watrust.com Washington Trust Bank rut AMENDMENT # 01 TO IRREVOCABLE STANDBY LETTER OF CREDIT NO. 24385 DATED: OCTOBER 15, 2008 AMOUNT: $ 58,261.55 City of Meridian October 28, 2009 Attn: Karie Glenn 660 E. Watertower Lane, Suite 202 Meridian, ID 83642 Ladies and Gentlemen: This letter will serve as our Amendment to Letter of Credit No. 24385 in your favor for the account of MSSB ENTERPRISES LLC, P.O. Box 50505, Boise, Idaho, 83705, up to the aggregate amount of FIFTY EIGHT THOUSAND TWO HUNDRED SIXTY ONE AND 551100 - Dollars ($58,261.55) covering the Meridian Storage Condos as follows: I. Amend expiry date FROM "October 15, 2009" TO "October 15, 2010". 2. Amend Applicant's address FROM "PO Box 50505, Boise, ID 83705" TO "PO Box 1265, Meridian, ID 83680-1265" All other terms and conditions of Letter of Credit No. 24385 remain unchanged. Sincerely, Alex Westfall Vice President Washington Trust Bank Boise Downtown Branch 901 West Bannock Avenue Boise, Idaho 83702 Phone (208) 343-5000 Fax (208) 333-9460 www.watrust.com MSSB Enterprises LLC MSSB Enterprises LLC • Storage Condos Meridian 658 North Principle Place TM Meridian, ID 83642 tondo The Garage or Hobby Shop you can't build at home. - City of Meridian Planning & Zoning Kristy Vigil / Peter Freidman 33 East Broadway Avenue Meridian, ID 83642 10/6/2011 Ms. Vigil, The landscaping completion plan is for CZC-o8-035 & ALT o8-010. This letter is in response to the meeting, discussing landscape completion at the Storage Condos project, September loth, 2011 at your office with Ron Ramza. P ) ct, on MSSB Enterprises LLC, hereby agrees to install and complete the landscaping requirements that are currently bonded, in the following manner: Landscaping for Phase I & IIA (North) & Building & Building 8 which is to be built. Exhibit "A" atta h - shall be completed prior to occupancy of The landscaping for the North side of Building 1 & 2 which shall be installed upon buildin completion and prior to occupancy of buildings I & 2, g pletion All future buildings and corresponding proximity landscape requirements shall be installed upon building completion and prior to occupancy. Please call with questions. Thanks for your assistance with this matter! Sincerely, Steve Schmidt Member, MSSB Enterprises LLC Landscaping Letter Exhibit A Q J Landscape requirements in this area, not yet installed, shall be completed prior to occupancy of Building 8 FTO be completed with Building 1 & 2 aT9 Lo 'i .^raneN StorageCondos 658 North Principle Place Meridian, ID 83642 6OLG #1 1 Occupancy To be completed with Building 8 Occupancy To be completed with Building 9 To be completed with Building 10; Occupancy To be completed with Building 11 Occumncv To be completed with Building 12 Occupancy To be completed with Building 131 Occupancy Version 2 10/10/2011 Page 1 of 2 Jaycee Holman From: Scott Steckline Sent: Tuesday, October 11, 2011 11:57 AM To: Jaycee Holman Cc: Kristy Vigil Subject: FW: LOC reminder Attachments: Meridian P&Z Landscape Letter & Exhibit A 10 10 11 FINAL0001.pdf Jaycee, Please release the LOC for Meridian storage condos as the applicant has made alternate arrangements with the Planning Department to comply with the Plat requirements. LOC # 24385 Washington trust Bank $58,261.5g Thank you Scott Steckline From: Kristy Vigil Sent: Tuesday, October 11, 2011 11:03 AM To: 'ronramza@kw.com' Cc: Peter Friedman; Scott Steckline Subject: FW: LOC reminder Hello Ron, The letter and the exhibit is the documentation the city needed to release the LOC. As stated, the landscaping that has not been installed will be installed with the respective future phases. Except the landscaping that has not been installed with building 3 and buildings 5 — 7, shall be installed with building eight. Please consider this email the Planning Department's "ok" to release to LOC. Thank you, Kristy From: Ron Ramza [mailto:ronramza@kw.com] Sent: Tuesday, October 11, 2011 9:57 AM To: Kristy Vigil Cc: Peter Friedman Subject: RE: LOC reminder Kristy, letter and revised exhibit A attached. Please confirm receipt and acceptance. Thanks, Ron! 867-9993 From: Kristy Vigil [mailto:kvigil@meridiancity.org] Sent: Monday, October 10, 2011 3:32 PM To: ronramza@kw.com Cc: Peter Friedman 10/12/2011 Page 2 of 2 Subject: RE: LOC reminder Hello Ron, I have reviewed the letter and the exhibit and they will work perfectly. I just have a few comments: 1. Please clarify the gaps shown between buildings 8 — 13; 2. Please depict the landscaping for the west side of building 13 with a green depiction. 3. Also, please submit a signed letter to our office (by email is fine) to accompany the revised exhibit. I really appreciate you taking care of this so quickly. Once I receive the letter & the revised exhibit, we will be able to release the LOC. Again thank you & have a nice evening, Kristy From: Ron Ramza [mailto:ronramza@kw.com] Sent: Friday, October 07, 2011 10:48 AM To: Kristy Vigil Cc: Peter Friedman Subject: RE: LOC reminder Kristy, please find letter draft and exhibit for your review. Please let me know if this is sufficient. Thanks for your assistance on this matter! Ron 867-9993 From: Kristy Vigil [mailto:kvigil@meridiancity.org] Sent: Monday, October 03, 2011 11:13 AM To: ronramza@kw.com Cc: Peter Friedman; Scott Steckline Subject: LOC reminder Good Morning Ron, I just wanted to remind you about written confirmations the Planning Department needs for the landscaping at Storage Condos. The confirmations need to state when the landscaping will be installed for the exiting buildings and with each phase of the site. In addition, I need the confirmations prior to October 11, 2011 to avoid cashing the LOC. Once I receive the confirmations, the City will be able to release the LOC. If you have any questions, please do not hesitate to contact me at 884-5533. Thank you, Kristy 10/12/2011 WashingtonTrust Bank October 28, 2009 City of Meridian Attn: Karie Glenn 660 E. Watertower Lane Suite 202 Meridian, ID 83642 RE: Irrevocable Standby Letter of Credit No. 24385 MSSB ENTERPRISES LLC Ladies and Gentlemen: Attached is an amendment on the above referenced Letter of Credit. Please acknowledge your acceptance or refusal of this amendment by signing the acknowledgement below and return this letter to us in the envelope provided. Thank you for your prompt response regarding this amendment. Sincerely, Alex estfa Vice President Washington Trust Bank ACKNOWLEDGEMENT: We hereby acknowledge that we nACCEPT OR Fj REFUSE the amendment on the above referenced Letter of Credit. CITY OF MERIDIAN BY: TITLE: Boise Downtown Branch 901 West Bannock Avenue Boise, Idaho 83702 Phone (208) 343-5000 Fax (208) 333-9460 www.watrust.com Washington Trust Bank J1 October 12, 2010 City of Meridian Attn: Karie Glenn 660 E. Watertower Lane, Suite 202 Meridian, ID 83642 Dear Karie, Enclosed is the letter of credit renewal for MSSB Enterprises. Please "Accept" the changes on the first letter, sign where indicated, and return it to me in the envelope provided. You may call me with any questions at (208) 343-7029. Lending Assistant Washington Trust Bank Boise Downtown Branch 901 West Bannock Avenue Boise, Idaho 83702 Phone (208) 343-5000 Fax (208) 333-9460 watrust.com Washington Trust Bank � AMENDMENT # 02 TO IRREVOCABLE STANDBY LETTER OF CREDIT NO.24385 DATED: OCTOBER 15, 2008 AMOUNT: $ 58,261.55 October 7, 2010 City of Meridian Attn: Karie Glenn 660 E. Watertower Lane, Suite 202 Meridian, ID 83642 Ladies and Gentlemen: This letter will serve as our Amendment to Letter of Credit No. 24385 in your favor for the account of MSSB ENTERPRISES LLC, P.O. Box 1265, Meridian, Idaho, 83680-1265, up to the aggregate amount of FIFTY EIGHT THOUSAND TWO HUNDRED SIXTY ONE AND 55/100 - Dollars ($58,261.55) covering the Meridian Storage Condos as follows: 1. Amend expiry date FROM "October 15, 2010" TO "October 15, 2011 ". All other terms and conditions of Letter of Credit No. 24385 remain unchanged. Sincerely, Alex estfalI Vice President Washington Trust Bank Boise Downtown Branch 901 West Bannock Avenue Boise, Idaho 83702 Phone (208) 343-5000 Fax (208) 333-9460 watrust.com