HomeMy WebLinkAboutLetter of CreditE IDIAN~~--~-
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May 8, 2008
Attn: Janet Joireman
U.S. Bank National Association
Letter of Credit Department
1420 5t" Avenue, 9th Floor
Seattle, WA 98101
Re: Release of Lefter of Credit No. SLCSSEA02810 (Sundance No. 5)
for Dave Evans Construction, LLC
MayorTammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
After a site inspection and review of Sundance No. 5 by the Planning Department and
the Public Works Department, it has been determined to release and return to you the
original Letter of Credit for $110,893.69 upon completion of sanitary sewer, fencing-
sound wall and landscaping. Please use this letter as authorization for U.S. Bank to
release fhe Letter of Credit No. SLCSSEA02810. If you have any questions, please
contact me. Thank you for your cooperation.
Sincerely,
~~
Jaycee L. Holman
Gity Clerk
Enclosure
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SURETY SPREADSHEET
Project Name: Sundance #5
Date Compiled: 5/11/2007
Letter of Credit/Bond No.: SLCSSEA02810
Issued By: US Bank
Explration Date: 4/25/2008
Check No.:
Party Responsible Date Signed Off/
Item Unfinished Partiai Sure For Si n-Off Person Comments
Sanitary Sewer -internal $15,345.90 $0.00 $15,345.90 Public Works 4/20/07 RF
Sanitary Sewer-offsite $0.00 $0.00
Water-internal $3,234.00 $0.00 $3,234.00 Public Works 4/20/07 RF
Water- Offsite $0.00 $0.00 Public Works
Street Lights $0.00 $0.00 Building
Landscaping $78,171.63 $7,817.16 $85,988.79 PZ 4/22/08 CH
Pathways $0.00 $0.00 PZ
Fencing-sound wall $5,750.00 $575.00 $6,325.00 PZ 4/22/08 CH
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
$0.00
$0.00
ALs $102,501.53 $8,392.16
Authorized reduction
$0.00 PW
$0.00
$0.00
$0.00
10,893.69
18579.9 reduction as of 2826/OS kg
BALANCE TO REMAIN: $92,313.79
5/5/08 READY TO RELEASE IN FULL - KG
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To: Will Berg ~
From: Lenard A Grady, P.E.
CC: File, Karie, P 8~ Z Staff
Date: 5/11 /07
Re: Sundance #5
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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. SLCSSEA02810 (US Bank - dated 4/25/07)
for $110,893:69. This represents surety for items, and in amounts, listed on the attached
spreadsheet.
Please call Kent Brown of Briggs Engineering at 3449700 when the plat is ready to be
picked up. Please call me if you have any questions. . .
Thank you.
From the desk of...
~ Page 1
Lenard A Grady,P.E.
City Engineer
Meridian Public Works De~aztm~t
660 E. Watertower Lane, Suite 200
Meridian, Idaho 83642
(208)898-5500
Fax:(208)898-9551
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U.S. BANK NATIONAL ASSOCIATION
INTERNATIONAL DEPARTMENT
1420 FIFTH AVENUE, 9TH FLOOR
SEATTLE, WA 98101
PHONE: 206-344-2398
FAX: 206-344-5365
APRIL 25, 2007
CITY OF MERIDIAN
660 E. WATERTOWER LN., STE. 200
MERIDIAN, ID 83642
ATTN: KARIE GLENN
PLEASE FIND ATTACHED OUR ORIGINAL STANDBY LETTER OF CREDIT NUMBER
SLCSSEA02810 IN FAVOR OF YOURSELVES, FOR THE ACCOUNT OF:
DAVE EVANS CONSTRUCTION, LLC
7761 W. RIVERSIDE DR., STE. 100
BOISE, ID 83714
KINDLY ADDRESS ALL CORRESPONDENCE REGARDING THIS LETTER OF CREDIT
TO THE ATTENTION OF OUR LETTER OF CREDIT DEPARTMENT, 1420 5TH
AVENUE, 9TH FLOOR, SEATTLE, WA 98101, MENTIONING OUR REFERENCE
NUMBER AS IT APPEARS ABOVE. TELEPHONE INQUIRIES CAN BE MADE TO
EITHER JANET JOIREMAN AT 206-344-2398 OR GLORIA WARRICK AT
206-344-2328.
U.S. BANK NATIONAL A~SOCIATION
IN NATIO DEPARTMENT
~anet Joireman
Asst. Vice President
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Five Star Service Guaranteed ~
U.S. BANK NATIONAL ASSOCIATION
INTERNA'I'IONAL DEPARTMENT
1420 FIFTH AVENUE, 9TH FLOOR
SEATTLE, WA 98101 U.S.A.
PHONE: 206-344-2398
FAX: 206-344-5078
IRREVOCABLE STANDBY LETTER OF CREDIT
APRIL 25, 2007
------------------------------------------------------------------------- =-------------------------------------------
BENEFICIARY: APPLICANT:
CITY OF MERIDIAN DAVE EVANS CONSTRUCTION, LLC
660 E. WATERTOWER LN., STE. 200 7761 W. RIVERSIDE DR., STE. 100
MERIDIAN, ID 83642 BOISE, ID 83714
ATTN: KARIE GLENN
LETTER OF CREDIT NUMBER: SLCSSEA02810
EXPIRY DATE: APRIL 25, 2008
AT: OUR COUNTERS PRESENTLY LOCATED AT 1420 FIFTH AVENUE, 9TH FLOOR,
INTERNATIONAL DEPARTMENT, SEATTLE, WA, 98101 ON OR BEFORE 5:00 P.M.
--------------------------------------=--------------------------------------------------------------------------------------------------
AMOiJNT $110,893.69
NOT EXCEEDING ONE HUNDRED TEN THOUSAND EIGHT HUNDRED NINETY THREE AND 69/100
U.S. DOLLARS.
-----------------------------------------------------------------------------------------------------------------------------------------
WE HEREBY ISSUE THIS FRREVOCABLE STANDBY LETTER OF CREDIT AVAILABLE BY YOUR
DRAFT(S) DRAWN AT SIGHT ON U.S. BANK NATIONAL ASSOCIATION AND ACCOMFANIED BY THE
FOLLOWING DOCUIVIENTS:
1. A STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE CITY
OF MERIDIAN STATING AS FOLLOWS: "DAVE EVANS CONSTRUCTION, LLC HAS FAILED TO
PERFORM OR IS IN DEFAUL,T WITH THE REQUIREMENTS RELATIVE TO INSTALLATION OF
INTERNAL SEWER AND/OR WATER, LANDSCAPING OR FENCING FOR SUNDANCE NO. 5
SUBDIVISION (SETTLERS CROSSING), MERIDIAN, IDAHO."
2. THE ORIGINAL OF THIS LETTER OF CREDIT, INCLUDING ANY AMENDMENTS, MUST BE
SUBMITTED TO THE BANK FOR OUR ENDORSEMENT OF ANY PAYMENTS EFFECTD BY US
AND/OR FOR CANCELLATION. '
PARTIAL DRAWINGS ALLOWED
DRAFTS DRAWN UNDER THIS CREDIT MUST BEAR THE CLAUSE: "DRAWN UNDER U.S. BANK
NATIONAL ASSOCIATION, IRREVOCABLE STANDBY LETTER OF CREDIT NO. SLCSSEA02810."
THIS CREDIT IS SUBJECT TO "THE UNIFORM CUSTOMS AND PRACTICE FOR DOCLTMENTARY
CREDITS° (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500."
WE HEREBY ENGAGE WITH YOU THAT DRAFT(S) DRAWN AND/OR DOCUMENTS PRESENTED
UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS IRREVOCABLE STANDBY LETTER OF
CREDIT WILL BE DUL,Y HONORED UPON PRESENTATION TO US.
THIS PAGE 1 FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA02810
-~~ank~
Five Star Servire Guaranteed C~
DRAFT(S) AND DOCUMENTS MUST BE PRESENTED TO OUR OFFICE AT U.S. BANK NATIONAL
ASSOCIATION, INTERNATIONAL DEPARTMENT, 1420 STH AVENUE, 9TH FLOOR, SEATTLE, WA 98101,.~
U.S. BANK NATIONAL ASSOCIATION
INTERNATIONAL BANKING DIVISION
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AUTHO ED SIGNATURE
J~net Joireman
Asst. Vice P~esiden~
THIS PAGE 2 FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. SLCSSEA02810