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Home My WebLink AboutLetter of CreditMayorTammy de Weerd City Council Members: Keith Bird Joe Borton Charles Rountree David Zaremba Apri122, 2008 Attn: Brenda Sanford D. L. Evans Bank North Burley Branch P.O. Box 1188 397 North Overland Ave. Burley, ID 83318 Re: Return Letter of Credit for Sommersby Sub. #2 Landscaping & Fencing for Liberty Partners, Inc. After a site inspection and review of Sommersby Sub. #2 by the Planning Department and the Public Works Department, it has been determined to release the Letter of Credit for $44, 241. 00 to you for the completion of landscaping and fencing. Please use this letter as authorization for D. L. Evans Bank to release the Irrevocable Standby Letter of Credit No. 1216. If you have any questions, please contact me. Sincerely, ~~ Jayc e L. Holman City Clerk Enclosure y` " ",,, .,,~'~ ~ ''''., , ,~{ % . -, ~~ ~ ~ , .~ ~; ~ T~ ; o = SEAL = =i ~ ~~' `; '-.,'~'~~r ~a~ • .~,,`, ,, ~~ ~, , ,'''~~~'~~~i~~r,,, , Y,~,.•.,,~`~`~ IRREVOCABLE LETTER OF CREDIT Borrower: Liberty Partners, inc. Lender: D. L. Evans Bank 2873 West Wind Drive North Burley Branch Eagle , ID 83616 P.O. Box 1188 397 North Overland Ave. Burley, ID 83318 (208) 678-9076 8@Il@fIC181y: City of Meridian 660 East Watertower Ste 200 Meridian, ID 83642 NO.: 1216 EXPIRATION DATE. This letter of credit shall expire upon the close of business on 08-15-2008 and all drafts and accompanying statements or documents must be presented to Lender on or before that time (the "Expiration Date"). AMOUNT OF CREDIT. Lender hereby establishes at the request and for the account of Borrower, an Irrevocable Letter of Credit in favor of Beneficiary for a sum of Forty-four Thousand Two Hundred Forty-one & 00/100 Dollars ($44,241.00) (the "Letter of Credit"). These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address indicated above (or other such address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the signed written statements or documents indicated below. WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS REQUIREMENTS, EITHER SINGLY OR TO~ETHER, YOU SHOULD CONTACT BORR01rVEF2 iMfViEDIATE~l' TO SEE iF THE LETTER OF CREDlT CAN BE AMENDED. OTHERWISE, YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN. DRAFT TERMS AND CONDITIONS. Lender shall honor drafts submitted by Beneficiary under the fo~lowing terms and conditions: Upon Lender's honor of such drafts, Lender shall be fully discharged of Lender's obligations under this Letter of Credit and shall not be obligated to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been drawn. If a non-conforming demand is made, Lender shall notify Beneficiary of Lender's dishonor on or before the time specified in the "Timing of Dishonor" paragraph below. Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other docume~t which complies strictly with this Letter of Credit, and whicfi on its face appears otherwise in order but which is signed, issued, or presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes no representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person, for any amount paid or disbursed for any reason whatsoever, including, without limitation, any nonapplication or misapplication by Beneficiary of the proceeds of such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds received by Beneficiary in excess of the Letter of CrediYs maximum drawing amount. USE RESTRICTIONS. Ali drafts must be marked "DRAWN UNDER D. L. Evans Bank IRREVOCAB~E LETTER OF CREDIT NO. 1216 DATED 08-15-2007," and the amount of each draft shall be marked on the draft. Only Beneficiary or Beneficiary's transferee may complete a draft and accompanying statements or documents required by this Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereunder. Partial draws are permitted under this Letter of Credit. Lender's honor of a partial draw shall correspondingly reduce the amount of credit available under this Letter of Credit. Following a partial draw, Lender shall return this original Letter of Credit to Beneficiary with the partial draw noted hereon; in the alternative, and in its sole discretion, Lender may issue a substitute Letter of Credit to Beneficiary in the amount shown above, less any partial draw(s). PERMITTED TRANSFEREES. This Letter of Credit may be transterred by Beneficiary upon prior written notice to Lender of the transfer. The transferee shall be deemed the new Beneficiary of this Letter of Credit and the documents of the transferee, including drafts required under this Letter of Credit, will be processed by Lender (or any intermediary) without the original Beneficiary's intervention and without any further obligation of Lender to the original Beneficiary. TRANSFEREES REQUIRED DOCUMENTS. When the presenter is a permitted transferee under the "Permitted Transferees" paragraph above (the "Permitted Transferee"), the documents required for a draw shall include all documents required elsewhere in this Letter of Credit, except that such documents may be in the name of and executed by either the original Beneficiary or the presenter permitted by the "Permitted Transferees" paragraph above. TIMING OF DISHONOR. Lender may rely upon any reason for dishonor which it communicates to Beneficiary or the presenter within three (3) Banking Days after Lender has received the last document forming Beneficiary's presentment (the "Three-Day Period"). Lender shall be entitled to rely upon such reason without regard to either (i) the timing of any presentment made before the Expiration Date, or (ii) the timing inside the Three-Day Period of any preliminary communication(s) from Lender concerning the dishonor decision or any reason for dishonor. For any reason for dishonor given during the Three-Day Period, Lender shall be conclusively deemed to have met the "reasonable time", "without delay", and other timing requirements as the 2006 Revision of the Uniform Customs and Practice for pocumentary Credits of the Intemational Chamber of Commerce, ICC Publication No. 600 (the "UCP") may impose. The Expiration Date shall not be extended to accommodate a presentment made less than three (3) Banking Days before the Expiration Date, and Beneficiary shall not be entitled to submit a draw request or provide Lender with any documents in support of a draw after the Expiration Date. Lender shall not be required to communicate a dishonor decision or its reasons within a time less than the Three-Day Period. "Banking Day" means any day, except Saturday, on which commercial banks located in Idaho are open. COMPLIANCE BURDEN. Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of this Letter of Credit precisely es written. Beneficiary understands and acknowledges: (i) thaY unless and until'the present wording of this• Letter of Credit is amended with Lender's prior wri{ten consent, the burden of complying strictly with such wording remains solely upon Beneficiary, and (ii) that Lender is relying upon the lack of such amendment as constituting Beneficiary's initiai and continued approval of such wording. NON-SEVERABILITY. If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having jurisdiction, Lender's entire engagement under this Letter of Credit shall be deemed nul{ and void ab initio, and both Lender and Beneficiary shall be restored to the position each would -have occupied with all rights available as though this Letter of Credit had never occurred. This non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears within this Letter of Credit. IRREVOCABLE LETTER OF CREDIT Loan No: 2051102824/96 (COntlnued) Page 2 GOVERNING LAW. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Idaho without regard to its conflicts of law provisions, and except to the extent such laws are inconsistent with the UCP. This Agreement has been accepted by Lender in the State of Idaho. EXPIRATION. Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored if presented to Lender on or before the Expiration Date unless otherwise provided for above. Dated: August 15, 2007 LENDER: D. L. EVANS BANK gy: c ~ Authorized Signer ~ ENDORSEMENT OF DRAFTS DRAWN: Amount Amount Date Neaotiated Bv In Words In Fiaures LASER PRO Lmdin9~ Ver. 5.3].00.003 Copr. XsMnE FMancNl Sdutlons, Inc. 1881, 2001. NI Rip~b RmarveE. - ID 1:\LFIILPL~CC]LOC.FC TR-3]]/ PR-14 SURETY SPREADSHEET Projed Name: Sommersby #2 Date Compiled: 7/26/2007 Letter of CrediUBond No.: 1216 Issued By: "'^°~• °^~^°~° '^ DL Evans Bank Expiratlon Date: ~a 8/15/2008 Check No.: ~98 Party Responsible Date Signed Off/ Item Unfinished Partial Suret For Si n-Off Person Comments Sanitary Sewer -internal $0.00 $0.00 Public Works Sanitary Sewer-offsite $0.00 $0.00 Water-intemal $0.00 $0.00 Public Works Water- Offsite $0.00 $0.00 Public Works Street Lights $0.00 $0.00 Building Landscaping $30,500.00 $3,050.00 $33,550.00 PZ 4/11/08 JV Pathways $0.00 $0.00 PZ Fencing $9,719.64 $971.96 $10,691.60 PZ 4/11/08 JV Tiling $0.00 $0.00 PZ Pressurized Irrigation $0.00 $0.00 NMID Gravity Irrigation $0.00 $0.00 NMID Other: $0.00 $0.00 PW $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 TOTAL: $40,219.64 $4,021.96 $44,241.60 Authorized reduction 4/17/08 READY TO RELEASE THE LOC BALANCE TO REMQtN: $44,241.60 IN FULL - KG 9/4/07 REFUND CASH IN FULL - AS WE RECEIVED A LOC IN EXCHANGE - KG Page 1 of 1 Jaycee Holman From: Jennifer Veatch Sent: Friday, April 11, 2008 4:25 PM To: Jaycee Holman; Karie Glenn; Mindi Smith; Brent Bjornson; Todd Lavoie Cc: C. Caleb Hood; Sonya Watters Subject: Final Plat inspection for Sommersby Sub. No. 2 I have finished this Final Plat inspection and you may release surety for landscaping and fencing. Thank you, ~Lenn~ ~eatch Assistant City Planner l~Ieridian Planning Department CGO F..,. Watextower I.,ane, Suite 202 Meridian, ID 83642 208.884.5533 208.$88.6854 (fax) veatchj ~u,meridiancity. org 4/22/2008 '~ ~ ~ ~...~ ~.. $~ ~~ __. SEP - 7 2001 ~"c~y o# Meridiaa~ ~ ~~ta ~'i~rrk ~9ffR~ • SURETY SPREADSHEET Project Name: Date Compiled: Letter of CrediUBond No.: Issued By: Expiration Date: Check No.: Item Sommersby #2 7/26/2007 N~~Ra~ersJa ~a ~:99 Unfinished 216 DL Evans Bank 8/15/2008 Partial ret rty Responsible Date Signed Off/ For Si n-Off Person Comments Sanitary Sewer -internal $0.00 $0.00 Public Works Sanitary Sewer-offsite $0.00 $0.00 Water-internal $0.00 $0.00 Public Works Water- Offsite $0.00 $0.00 Public Works Street Lights $0.00 $0.00 Building Landscaping $30,500.00 $3,050.00 $33,550.00 PZ Pathways $0.00 $0.00 PZ Fencing $9,719.64 $971.96 $10,691.60 PZ Tiling $0.00 $0.00 PZ Pressurized Irrigation $0.00 $0.00 NMID Gravity Irrigation $0.00 $0.00 NMID Other: $0.00 $0.00 PW $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 TOTAL: $40,219.64 $4,021.96 $44,241.60 Authorized reduction BALANCE TO REMAIN: $44,241.60 9/4/07 REFUND IN FULL - AS WE RECEIVED A LOC IN EXCHANGE - KG ~~ ~~~ ~o~ ..~ ti ~,~' ~ ~~~. . V+V ~ ~p~~ ` ~~w~Y . ~..~_ r~?` ~~ .~. ~ ~~ W ~.l~.r~.~~~~, \.,` ~ C ~ C.~~I~- - o.~ ~~J~`~.. O C~•c~1- ~, ,,~:~,a~,~, ~g,~.l~... a,L, ~,~.-t~ v~,~,.s,~... -c.~~~~ i~C, ~ ~EC~IVED JUL 16 2007 City of Meridian !'ity Clerk Office emo To: Will Berg From: Lenard A Grady, P.E. CC: File, Karie, P& Z Staff Date: 7/26/07 Re: Sommersby #2 ~ ~ ~( ~ ~~ /~ , ~ a~ 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. Cash Surety has been forward to the Finance Dept. (Check #1290 - dated 7/13/07) for $44,241.60. This represents surety for items, and in amounts, listed on the attached spreadsheet. Please call Shari Stiles w/ Engineering Solutions @ 938-0980 when the plat is ready to be picked up. Please call me if you have any questions. Thank you. Prom the desk of... Lenard A Grady, P.E. City Fngineer Meridian Public Woiics Deparhnea-t 660 E. Watertower Lane, Suite 200 Meridian, Idaho 83642 • Page 1 (208)898-5500 Fax:(208)898-9551 gradyl@maidiancityorg