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Home My WebLink AboutCedar Springs No. 2 Letter of Credit MAYOR Robert D. Corrie ~~l: 1I~ otG CITY OF 1~:ii'~J.. ...<Ji..JI.' erldl;;;C1f; CITY COUNCIL MEMBERS Tammy deWeerd William L. M. Nary Cherie McCandless Keith Bird IDAHO '~" " \' \I If j/' /y .fr/ QINC( ~ 1903 LEGAL DEPARTMENT (208) 288-2499 . Fax 288-250 [ PARKS & RECREATION (208 888-3579 . Fax 898-550] PUBLIC WORKS (208) 898-5500 .Fax 887.1297 BUILDING DEPARTMENT (208) 887-2211 . Fax 887-]297 PLANNING AND ZONING (208) 884.5533 . Fax 888-6854 October 27, 2003 Renne R. Ditton Washington Trust Bank P.O. Box 2127 Spokane, WA 99210-2127 509-353-4224 fax 509-353-3905 Re: Return Letter of Credit for Cedar Springs Subdivision # 2 After a site inspection and review of Cedar Springs Subdivision # 2 Project by the Planning & Zoning Department and the Public Works Department, it has been determined to release the Letter of Credit of $513,526.00 to you for the completed site improvements of sewer, water, fencing, street lights, pressure irrigation system and landscaping. Please use this letter as authorization for Washington Trust Bank to release the Irrevocable Standby Letter of Credit No. 20938. If you have any questions please contact me. Thank you for your cooperation. Sincerely df~ William G. Berg, Jr. City Clerk Enclosure 33 EAST IDAHO. MERIDIAN, IDAHO 83642 (208) 888-4433 . Fax (208) 887-4813 · City Clerk Office Fax (208) 888-4218 . Human Resources Fax (208) 884-8723 .' Washington Trust Bank IIII RECEIVED MAY - 6 2003 City of Meridian City Clerk Office, ffiREVOCABLESTANDBY LEITER OF CREDIT NO. 20938 EFFECTIVE DATE: MAY 2, 2003 A1\10UNT: $513,526.00 City of Meridian Attn: Will Berg 33 E. Idaho Ave. Meridian, ill 83642 Gentlemen: We hereby establish our Irrevocable Standby Letter of Credit No. 20938 in your favor for the accOlmt of HOWELL- MURDOCH DEVELOPMENT CORPORATION, 4822 N. Rosepoint Way, Boise, ill 83713, up to the aggregate amount of FIVE HUNDRED THIRTEEN THOUSAND FIVE HUNDRED TWENTY SIX AND NO/lOO --------Dollars ($513,526.00) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington Trust Bank on or before MAY 2, 2004 covering Cedar springs Subdivision No.2 and accompanied by the following: 1.A signed statement from City of Meridian reading exactly as follows: "I, the undersigned duly authorized representative of 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 including internal water and sewer, pressurized irrigation, street lights, landscaping and fencing at Cedar Springs Subdivision No.2." 2. The 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. 20938". 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 tenns of this Letter of Credit that the drafts will be duly honored upon presentation and delivery of documents, as specified, to Washington Tmst Bank, Fairview Branch, 7930 Fairview Avenue, Boise, Idaho, 83704, on or before MAY 2, 2004. 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, Y(~~ R i1L~ Rerme R. Ditton Assistant Vice President International Banking Department Washington Trust Financial Center P. O. Box 2] 27, Spokane, Washington 99210-2127 (509) 353-4224 Fax (509) 353-3905 SURETY SPEADSHEET Project Name: cedar Springs #2 Date Compiled: 512712003 Letter of Credit/Bond No.: 20938 Issued By: Washington Trust Bank Expiration Date: 51212004 Check No.: na Party Responsible Date Signed Offl Item Unfinished 10% Surety For Sign-Off Person Comments Water $162,457.00 $16,245.70 $178,702.70 Public Works 818/03 TB Sanitary Sewer $99,734.00 $9,973.40 $109,707.40 Public Works 8/7/03 TB Street Lights $19,500.00 $0.00 $19,500.00 Building 7/21/03 WB Landscaping $86,770.00 $8,677.00 $95,447.00 PZ 10/21/03 SID Fencing $39,243.00 $3,924.30 $43,167.30 PZ 8/4/03 SID Tiling $0.00 $0.00 PZ Pressurized Irrigation $60,911.00 $8,091.10 $67,002.10 NMID 7/21/03 BH other: TOTAL: $468,615.00 $44,911.50 $513,526.50 10121/03 request release of LOC (WBlBW) rage 1 or 1 Will Berg From: Karie Glenn Sent: Tuesday, October 21 t 2003 8:53 AM To: Will Berg Cc: Brad Watson Subject: Cedar Springs #2 Please release the letter of credit for this subdivision. I have attached the detail sheet for your reference. Please let me know if you have any questions. Karie A Glenn Dept Specialist Supervisor City of Meridian, Public W orks/Building 660 E Watertower, Ste 200 Meridian ill 83642 phone 898-5500 fax 10/22/2003 " ."J :L~:~~f~.:' ~;;d'~l ~ P / CITY OF J:~''..o,: '-/Ylerldicrn IDAHO :...:."". LEGAL DEPARTMENT (208) 288-2499' Fax 288-2501 PARKS & RECREATION (208888-3579' Fax 898-550] PUBLIC WORKS (208) 898-5500 .Fax 887-1297 BUILDING DEPARTMENT (208) 887-2211 . Fax 887-1297 PLANNING AND ZONING (208) 884-5533 . Fax 888-6854 MAYOR Robert D. Corrie CITY COUNCIL MEMBERS Tammy de Weerd William L. M. Nary Cherie McCandless Keith Bird " " \1 V i /' QI~CE : \ 1903 July 21, 2003 Idaho Power Company Meridian Team 10790 W. Franklin Road Boise, ID 83709 322-2000 388-2402 388-2021 fax 388-6924 388-6532 fax 322-2032 Re: Street Lights for Cedar Springs Subdivision #2 The street lights have been installed by the developer in Cedar Springs Subdivision #2. These are 100 watt high-pressure sodium lights on steel poles, owned by the City of Meridian with a maintenance agreement with Idaho Power. The fourteen (14) street lights are located at: Lot 3 Block 12 Lot 4 Block 20 Lot 1 Block 20 Lot 1 Block 19 Lot 1 Block 18 Lot 3 Block 18 Lot 7 Block 7 Lot 11 Block 7 Lot 9 Block 6 Lot 9 Block 6 Lot 13 Block 6 Lot 12 Block 5 Lot 12 Block 4 Lot 19 Block 4 W. Welch Street & N. Greenwich Way N. Greenwich Way & W. Blake Street W. Ashton Drive N. Stanford Way . N. Greenwich Way & W. Ashton Drive N. Greenwich Way & W. Ashby Drive W Ashby Drive & N. Alexis Way N. Price Way N. Price Way & W. Ashby Drive W. Ashby Drive & N. Elsinore Way N. Elsinore Way W. Ashby Drive & N. Barron Way N. Barron Way & W. Staunton Place W Staunton Place Please use this letter as your authority to activate these street lights. See attached map for additional information. S7/fJ Wi/Jiam G. Berg, Jr. City Clerk Enclosures 33 EAST IDAHO · MERIDIAN, IDAHO 83642 (208) 888-4433 . Fax (208) 887-4813 . City Clerk Office Fax (208) 888-4218 . Human Resources Fax (208) 884-8723 RECEIVED MAY 272003 City of Meridiall City Clerk Office To: Will Berg From: Brad Watson, P.E. CC: File, Karie, Barbara, P & Z Staff Date: 5/27/2003 Re: Cedar Springs Subdivision NO.2 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 a copy of letter of credit No. 20938 (Washington Trust Bank - dated 5/2/03, 2003) for $513,526.00. I trust that the original LOC was delivered to you. This represents surety for items, and in amounts, listed on the attached spreadsheet. Please call Daren Fluke at 376-7330 (or dfluke@jub.com) when the plat is ready to be picked up. Please call me if you have any questions. Thank you. //0 From the desk of.. . Brad Watson, P.E. City Engineer Meridian Public Works Department 660 E. Watertower Lane, Suite 200 Meridian, Idaho 83642 e Page 1 (208) 898.5500 Fax: (208) 887-1297 watsonb@ci.meridimid.1lS CEDAR SPRINGS SUBDIVISION NO.2 Required Surety Amounts 4/18/2003 Bid Amount 110% Status Responsible Party for sign-off Water -Internal $162,457 $178,703 Public Works Sewer - Internal $99,734 $109,707 Public Works Pressurized Irrigation $60,911 $67,002 Public Works/NMID Gravity Irrigation $0 Settlers Irr. Dist. PI Pump Station $0 Public Works/NMID Street Lights $19,500 $19,500 Bldg. Dept. Landscaping $86,770 $95,447 P&Z Fencing $39,243 $43,167 P&Z $468,615 $513,526 MAY 07 1 03 07: 50 FR e (""' OF MER ID I AN 208 888 4218 TOt LIe WORKS P.01/01 Washington Trust Bank III; RECEIVED MAY'. 6 2003 City ofM.eridian City Clerk Offioe IRREVOCABLE STANDBY LETTER OF CREDIT NO. 20938 EFFECTNE DATE: MAY 2, 2003 AMOUNT: $513,526.00 City of Meridian Ann: Wilt Berg 33 E. Idaho Ave. Meridian, lD 83642 Gentlemen: We hereby establish our Inevocable Standby Letter of Credit No. 20938 in your favor for the account of HOWELL- MURDOCH DEVELOPMENT CORPORATION, 4822 N. Rosepoint Way, Boise, 1D 83713, up La the aggregate EUnount of FIVE HUNDRED THIRTEEN THOUSAN D fiVE HUNDRED TWENTY SJX AND NO/lOO ------Dollars ($513,526.00) U.S. currency, available by your draft(s) drawll at sigbt on us and presented to Washington Trust Bank on or before MAY 2, 2004 coveting Cedar springs Subdivision NO.2 and accompanied by the following: 1. A signed stltement from City of Meridian reading: exactly as follows: "I, the undersigned duly authorized representative of City of Meridian, hereby certify that the draft d(awn under this Letter of Credh represents the amount of money required to complete the subdivision improvements including internal water and sewer, pressurized irrigation, street lights, landscaping and fencing: at Cedar Springs Subdivision No.2." 2. The original oft11is Letter of Credit. AJl drafts presented tmder the credit must contain the clause "Drawn under Washington Tnlst Bank Letter of Credit No. 20938". Any and all banking charges, other than those of the issuing bank, are for the account of the beneficiary. We hereby engage wilh the drawers and bona fide holders of drafts drawn under and in compliance with the tenns of this Letter or Credit that the drafts will be duly honored upon presentation and delivCT)' of documents, as specified, to Washington T!LlSt Bank, Fairview BI<ll1ch, 7930 Fairview Avenue, Boise, fdaho, 83704, on or before MAY 2, 2004. All drawings Wlder this credit will be governed by the Unifonn Customs & Prdctice for Docwl'lentary Credits (1993 Revision) International Chamber of Commerce Publication No. 500. Sincerely, ~ R. ~--J Renne R. Ditton Assistant Vice President Intemational Banking Department Washington Trust Finanoial Center P. O. Box 2127, Spok!\nc, Washington 99210-2127 (509) 353-4224 Fax (509) 353-3905 ** TX CONFIRMATION REPORT ** AS OF MAY 07 '03 07:51 PAGE. 01 CITY OF MERIDIAN 01 02 DATE TIME TO/FROM 05/07 07:47 2088886854 05/07 07:50 PUBLIC WORKS MODE EC--S UF--S MIN/SEC PGS 00'26" 001 00' 17" 001 CMDI:! STATUS 078 OK 078 OK Washin9lon Trust Bank II Ii RECEIVED MAY - 6 2003 City of Meridian City Clerk Office ~VOCABLESTANDBY LETTER OF CREDIT NO. 20938 EFFECTNE DATE: MAY 2, 2003 AMOUNT: $513,526.00 elly of Meridian Alln: Will Berg 33 E. Idaho Ave. Melidian, 10 83642 Gentlemen: We hereby establish our In'evocabk Standby Letter of Credit No. 20938 in your favor for the account of HOWELL - MURDOCH DEVELOPMENT CORPORA nON, 4822 N. Rosepoint Way, Boise,1D 83713, up 10 the aggregate amount of FiVE HUNDRED TH1RTEEN THOUSAND FIVE HUNDRED TWEN'fV SIX AND NO/lOO m-m-Dol1ars ($513,526.00) U.S. currency, available by your dtaft(s) drawn at sight on LIS Md presented 10 Washington Tlust Bank on or before 'MAy 2, 2004 covering Cednr springs Subdivision No.2 lll1d accompanied by the following: 1. A signed statemellt from City of Meridian reading exacll y as follows: "I, the undersigned duly authodzed representa.tive of City of Meridian, hereby certify that the dra.ft drawn under this Leller of Credit represents the amount of money required to complete the subdivision improvements including internal water and sewer, pressurized irrigation, street lights, landscaping a.nd fencing at Cedar Springs Subdivision No.2." 2. The original of this Letter of Credit All drafts presented lUlder the credit must contain the clause "Drawn wlder Washington Tmst Bank Letter of Cn:dil No. 2093&". Any and all banking charges, other than those of the issuing bank, are for the account of the beneticiary. We hereby engage with the drawers Md boon fide holders of drnfis drawn under and in compliance with the tenus of this Letter of Credit that the drafts will be duly honored upon presentation alld delivery of documents, as specified, to Washington TnlS[ Bank, Fairview Branch, 7930 Fairview Avenue, Boise, Tdaho, 83704, on or before MAY 2, 2004. All drawings under this credit will be governcd by !he Unifonn CustOl'll$ & Prdctice for Docwnentary Credits (1993 Revision) International Chamber of Conunerce Publicalion No. 500. Sincerely, ~R~ Renne R. Ditton Assistant Vice President International Banking Departmcnt Washington Trust Financial Cenler 1'. O.Box 2127, SpokHnc, W~sltinlllon 99210-2127 (509} 353-4224 Fax (509) 353.3905 Washington Trust Bank Illi RECEIVED MAY - 6 2003 City of Meridian City Clerk Office IRREVOCABLE STANDBY LEITER OF CREDIT NO. 20938 EFFECTIVE DATE: MAY 2, 2003 AMOUNT: $513,526.00 City of Meridian Attn: Will Berg 33 E. Idaho Ave. Meridian, ill 83642 Gentlemen: We hereby establish our Irrevocable Standby Letter of Credit No. 20938 in your favor for the account of HOWELL- MURDOCH DEVELOP:rv1ENT CORPORATION, 4822 N. Rosepoint Way, Boise, ill 83713, up to the aggregate amount of FIVE HUNDRED THIRTEEN THOUSAND FIVE HUNDRED TWENTY SIX AND NO/lOO --------Dollars ($513,526.00) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington Trust Bank on or before MAY 2, 2004 covering Cedar springs Subdivision No.2 and accompanied by the following: 1.A signed statement from City of Meridian reading exactly as follows: "I, the undersigned duly authorized representative of 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 including internal water and sewer, pressurized irrigation, street lights, landscaping and fencing at Cedar Springs Subdivision No.2." 2. The 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. 20938". 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, 7930 Fairview Avenue, Boise, Idaho, 83704, on or before MAY 2, 2004. 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~ Renne R. Ditton Assistant Vice President International Banking Department Washington Trust Financial Center P. Q. Box 2]27, Spokane, Washington 99210-2127 (509) 3534224 Fax (509) 353-3905 Washington Trust Bank III; RECEIVED MAY - 6 2003 City of Meridian City Clerk Office IRREVOCABLE STANDBY LETTER OF CREDIT NO. 20938 EFFECTIVE DATE: MAY 2, 2003 AMOUNT: $513,526.00 City of Meridian Attn: Will Berg 33 E. Idaho Ave. Meridian, ID 83642 Gentlemen: We hereby establish our Irrevocable Standby Letter of Credit No. 20938 in your favor for the account of HOWELL - MURDOCH DEVELOP1vffiNT CORPORATION, 4822 N. Rosepoint Way, Boise, ID 83713, up to the aggregate amount of FIVE HUNDRED THIRTEEN THOUSAND FIVE HUNDRED TWENTY SIX AND NO/IOO --------Dollars ($513,526.00) U.S. currency, available by your draft(s) drawn at sight on us and presented to Washington Trust Bank on or before MAY 2, 2004 covering Cedar springs Subdivision No.2 and accompanied by the following: 1.A signed statement from City of Meridian reading exactly as follows: "I, the undersigned duly authorized representative of 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 including internal water and sewer, pressurized irrigation, street lights, landscaping and fencing at Cedar Springs Subdivision No.2." 2. The 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. 20938". 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, 7930 Fairview Avenue, Boise, Idaho, 83704, on or before MAY 2, 2004. 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~ Renne R. Ditton Assistant Vice President International Banking Department Washington Trust Financial Center P. O. Box 2127, Spokane, Washington 99210-2127 (509) 353-4224 Pax (509) 353-3905