HomeMy WebLinkAboutLetter of CreditI
July 30, 2008
Washington Trust Bank
Washington Trust Financial Center
P.O. Box 2127
Spokane, WA 99210-2127
Mayor Tammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
Re: Release of Standby Letter of Credit No. 24168 Tapestry Subdivision for Raftis
Capital, Inc.
After a site inspection and review of Tapestry Subdivision by the Planning Department
and the Public Works Department, it has been determined to release the Standby Letter
of Credit in the original amount of $348,791.74 (with a current balance of $317,940.70)
to you for the completion of internal sanitary sewer and water, street lights, landscaping,
fencing, pressurized irrigation and gravity irrigation. Please use this letter as
authorization for Washington Trust Bank to release the Letter of Credit No. 24168.
If you have any questions, please contact me
Sincerely,
Jaycee L. Holman
City Clerk
Enclosure
Thank you for your cooperation.
COMPLETED
JUL 31 2008
BY: JH
Washington Trust Bank r
IRREVOCABLE STANDBY
LETTER OF CREDIT NO. 24168
AMOUNT: $348,791.74
DATE: MAY 23, 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. 24168 in your favor for the account of
RAFTIS CAPITAL, INC., 1488 E. Blue Tick St., Meridian, ID 83642-7474, up to the aggregate amount
of THREE HUNDRED FORTY EIGHT THOUSAND SEVEN HUNDRED NINETY ONE AND
74/100-------- Dollars ($348,791.74) U.S. currency, available by your draft(s) drawn at sight on us and
presented to Washington Trust Bank on or before MAY 23, 2008 covering Tapestry 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 Letter of Credit represents the amount of money required to
complete the subdivision improvements at Tapestry 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. 24168".
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 MAY 23, 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,
Rashell ig t
Assistant Vice President
Commercial Services Group
Washington Trust Financial Center
P. O. Box 2127, Spokane, Washington 99210-2127
(509) 353-4177 Fax (509) 353-3905
SURETY SPREADSHEET
Project Name: Tapestry
Date Compiled: 6/ 12/2007
Letter of Credit/Bond No.: 24168
Issued By: Washington Trust Bank
Expiration Date: 5/23/2008
Check No.: na
Sanitary Sewer -internal
$
anitary Sewer-offsite
Water -internal
Water- Offsite
Street Lights
Landscaping
Pathways
Fencing
Pre�Irrigation
ion
JGra
Other:
Unnnished
Partial
Surety
$42,943.00
$4,294.30
$47,237.30
$0.00
$0.00
- $56,141.00
$5,614.10
$61,755.10
$0.00
$0.00'
$3,443.40
$344.34
$3,787.74
$16,301.00
$1,630.10
$17,931.10
$0.00
$0.00
$24,603.00
$2,460.30
$27,063.30
$0.00
$0.00
$30,307.00
$3,030.70
$33,337.70
$12,450.00
$1,245.00
$13,695.00
Party Responsible Date Signed Off/
For Sign -Off Person Comments
Public Works 14/28/08 RF
Public Works
Public Works
Building
PZ
PZ
PZ
PZ
NMID
NMID
Sewer Lift Station $130,895.00 $13,089.50 $143,984.50 pyy
:1,08
$0.00
�- -- --- $0.00
$0.00
TOTAL: $317,083.40 .34 $348,791.74
Authorized reduction 30851.04 as of 12/26/07 kg
BALANCE TO REMAIN: $317,940.70
6/25/08 READY TO BE RELEASED IN FULL KG
RF
8/31/07 JW - -
6/25/08 JV
3/22/07 JV -
i
4/17/08 NMID
4/17/08 NMID
5/23/08 CD -REMOVED REQUIREMENT
City
of
Meridian
Public
Works
Dept.
Memo
To:
Will Berg
From:
Lenard A Grady, P.E.
CC:
File, Karie, P & Z Staff
Date:
June 6, 2007
Re:
Tapestry
RECEIVED
JUN - 6 2007
City of Meridian
Cit�r Ctcrh Office
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. 24168 (Washington Trust Bank — dated
5/23/07) for $348,791.74. This represents surety for items, and in amounts, listed on the
attached spreadsheet.
Please call Matt Schultz @ RNR Consulting 880-1695 when the plat is ready to be picked up.
Please call me if you have any questions.
Thank you.
From the desk of...
Lenard A Grady, P.E.
City Engineer
Meridian public Works Depwiment
660 E. Watertower Lane, Suite 200
Meridian, Idaho 83642
• Page 1 (208) 898-5500
Fax (208) 898-9551
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