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Home My WebLink AboutSundance Sub No. 2 Letter of Credit MAYOR Tammy de Weerd ., #i~~~'~~ ;, clfe;;dl;~k1Q JDAHO CIT)' COUNCIL MEMBERS Shaun Wardle William L M. Nary Charles M. Rountree Keith Bird ~ t.., '. ..... " \I , I Y j /- QUICE \ 1903 LEGAL DEPARTMENT (208) 466-9272 . FAX 466-4405 PARKS & RECREATION (208) 888-3579 . Fax 898-5501 PUBUC WORKS (208) 898-5500 . Fax 887-1297 BUILDING DEPARTMENT (208) 887-221l . Fax 887-1297 PLANNING & ZONING (208) 884-5533 . Fax 888-6854 February 26, 2004 John N. Pirtle Washington Federal Savings 1001 W. Idaho Street P.O. Box 1460 Boise, 10 83701-1460 343-1833 fax 338-7374 Re: Return Letter of Credit for Sundance Subdivision # 2 for Sundance Limited Company, LLC After a site inspection and review of Sundance Subdivision # 2 Project by the Planning & Zoning Department and the Public Works Department, it has been determined to release the Letter of Credit of $251,779.00 to you for the completion of sewer, water, street lights, landscaping, fencing and pressurized irrigation system. Please use this letter as authorization for Washington Federal Savings to release the Irrevocable Letter of Credit No. 000185. 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 AVENUE. MERIDIAN, IDAHO 83642 . (208) 888-4433 City Clerk Office Fax (208) 888-4218 . Human Resources Fax (208) 884-8723 . Finance & Utility Billing Fax (208) 887-4813 IRREVOCABLE LETTER OF CREDIT NUMBER 000185 To: CITY OF MERIDIAN Dear Sirs: We hereby establish our Irrevocable Standby Letter of Credit in your favor for the account of SUNDANCE LIMITED COMPANY, LLC up to the aggregate amount of $251, 779 .00 available by your drafts drawn at sight on us presented at WASHINGTON FEDERAL SAVINGS, 3197 N COLE ROAD, MERIDIAN, IDAHO 83642 Drafts must be accompanied by Beneficiary's signed statement that SUNDANCE LIMITED COMPANY, LLC has failed to perform or is in default of COMPLETING SEWER, WATER, PRESSURIZED IRRIGATION SYSTEMS, STREET LIGHTS, LANDSCAPING, FENCING, PEDESTRIAN FOOT PATH IN SUNDANCE SUB. NO.2 Drafts drawn under this credit must bear the following clause: Drawn under Washington Federal Savings Irrevocable Standby Letter of Credit Number 000185 dated 06/30/03 The amount of each draft must be endorsed thereon. Partial drawings are permitted. We hereby engage with the drawer, endorsers and holders in due course of drafts drawn under and in compliance with the terms of this credit, that such drafts will be duly honored upon presentation to the drawee banle This Letter of Credit expires 06/3 0 / 0 4 Very truly, By: Ur-h<< 71 !2va~ '70'HN/N PIRTLE &-rtE PRES IDENT Provisions applicable to the credit: Unless otherwise expressly stated, this credit is subject to the "Uniform Customs and Practice for Documentary Credits (1993 Revision) International Chamber of Commerce Brochure No. 500" or by subsequent Uniform Customs and Practice fixed by subsequent Congresses of the International Chamber of Commerce. 1416 L0350 12/26/02 SURETY SPEADSHEET Project Name: SUNDANCE #2 Date Compiled: 71312003 Letter of Credit/Bond No.: 185 Issued By: Washington Federal Savings Expiration Date: 6/30/2004 Check No.: na Party Responsible Date Signed Offl Item Unfinished 10% Surety For Sign-off Person Comments Sanitary Sewer $58,963.00 $0.00 $58,963.00 Public Works 9/8/03 TB Water $60,093.00 $0.00 $60,093.00 Public Works 8/15/03 DC Street lights $10,940.00 $1 ,094.00 $12,034.00 Building 8/12/03 HH Landscaping $51,784.00 $5,178.40 $56,962.40 PZ 10/15/03 SA Fencing $20,730.00 $2,073.00 $22,803.00 PZ 8/29/03 SID 2/16/04 SA redone TIling $0.00 $0.00 PZ Pressurized Irrigation $37,203.00 $3,720.30 $40,923.30 NMlD 812/03 TB Other: TOTAL: $239,713.00 $12,065.70 $251,778.70 Surety for $251779.00 10130/03 email to WB and BW to release LOG Message .page 1 or 1 Will Berg From: Karie Glenn Sent: Thursday, February 19,20049:11 AM To: Will Berg Subject: Sundance #2.xls This LOC is ready to be released -see attached detail sheet. 2/24/2004 RECEIVED JUL - 2 2003 City of Meridian City Clerk OfficIO' To: Will Berg From: Brad Watson, P.E. CC: File, Kane, Barbara, P & Z Staff Date: 7-1-03 Re: Sundance Subdivision NO.2 I have signed the plat vellum 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 onqinalletter of credit No. 000185 (Washington Federal Savings - dated June 30, 2003) for $251,779.00. This represents surety for items, and in amounts, listed on the attached spreadsheet. Please call Becky McKay at 938-0980 when the plat is ready to be picked up. Please call me if you have any questions. Thank you. /~tJ From the desk of... Brad Watson, P.E. City Engineer Meridilll1 Public Works Department 660 E. WalertowcrLanc, Suite 200 Meridian, Idaho 83642 e Page 1 (208) 89&-5500 Fax: (208) 887-1297 watsonb@ci.meridianidus IRREVOCABLE LETTER OF CREDIT NUMBER 000185 To: CITY OF MERIDIAN Dear Sirs: We hereby establish our Irrevocable Standby Letter of Credit in your favor for the account of SUNDANCE LIMITED COMPANY, LLC up to the aggregate amount of $251,779.00 available by your drafts drawn at sight on us presented at WASHINGTON FEDERAL SAVINGS,3197 N COLE ROAD, MERIDIAN, IDAHO 83642 Drafts must be accompanied by Beneficiary's signed statement that SUNDANCE LIMITED COMPANY, LLC has failed to perform or is in default of COMPLETING SEWER, WATER, PRESSURIZED IRRIGATION SYSTEMS, STREET LIGHTS, LANDSCAPING, FENCING, PEDESTRIAN FOOT PATH IN SUNDANCE SUB. NO. 2 Drafts drawn under this credit must bear the following clause: Drawn under Washington Federal Savings Irrevocable Standby Letter of Credit Number 000185 dated 06/3 0/03 The amount of each draft must be endorsed thereon. Partial drawings are permitted. We hereby engage with the drawer, endorsers and holders in due course of drafts drawn under and in compliance with the terms of this credit, that such drafts will be duly honored upon presentation to the drawee ban1e This Letter of Credit expires 06/3 0/04 Very truly, By: {};-hv 7!~ a/N PIRTLE c~ PRESIDENT Provisions applicable to the credit: Unless otherwise expressly stated, this credit is subject to the "Uniform Customs and Practice for Documentary Credits (1993 Revision) International Chamber of Commerce Brochure No. 500" or by subsequent Uniform Customs and Practice fixed by subsequent Congresses of the International Chamber of Commerce. 1 /l. 1 6 L0350 12/26/02 JUJI,ll. lUUJ lU;IUI\M SUNDANCE SUBDIVISION NO.. 2 Required Surety Amounts 6125f2003 Bid Am t % I t 110~ llU'UI~O r.,) Responsible stt oun comp e e I) aus Party for sian-off Sewer - Internal $117,926 50% $58,963 Not testedfTVed Public Works ", . ~ -- Sewer - Off-5ite $0 NA Public Works Water'~-lntemal $120,187 50% $60,093 Not testedfsampfed Public Works - ---- Water - Off-Site $0 NA Public Works . Landscaping $4~~Q h.. .. . ~5~,~~ paz . . -. ..... ... ..... P&z LandscapinfJ ~ Pa1hwav . $3,024.. $3,326 __"__'H". . '. "".$"22;'803 ".. - _..- '-"--_.'--~---'- . . .. Fencing --... . ~;?q,7~~. P&Z .n -' . - _..~ -. . -~--_._. . Street Lights ,....... ,....~1 Q!.~10 $12,034 Bldg. Dept. Gravity Irrig~~~n. . ..m $0 Public WorksINMID Pressurized Irrigation $37,203 $40,923 Public WorkslNMID PI-Pumo.Statio'n h..__ $0 NA Public WorkslNM ID $358.770 $251,779