HomeMy WebLinkAboutRelease of Letter of Credit Sharp Estates FP;j,,
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June 17, 2008
US Bank National Association
International Department
1420 Fifth Avenue, 9t" Floor
Seattle, WA 98101
Re: Release of Standby Letter of Credit No. SLCSSEA02922 Sharp Estates
Subdivision for Hedge Construction, Inc.
MayorTammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
After a site inspection and review of Sharp Estates Subdivision by the Planning
Department and the Public Works Department, it has been determined to release the
Standby Letter of Credit in the amount of $123,333.96 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 US Bank to
release #he Letter of Credit No. SLCSSEA02922.
If you have any questions, please contact me. Thank you for your cooperation.
Sincereiy,
~
Jaycee L. Holman
City Clerk
Enclosure ~~iv1~C~~°~~
JUN 17 100~
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C~ ba:n k~ *
, IFi e Star Sernce Guaran[eed C,~
U.S. BANK NATIONAL ASSOCIATION
INTERNATIONAL DEPARTMENT
1420 FIFTH AVENUE, 9TH FLOOR
SEATTLE, WA 98101 U.S.A.
PHONE: 206-344-2398
FAX: 206-344-5374
IRREVOCABLE STANDBY LETTER OF CREDIT
' NLY 27, 20U7 '
BENEFICIARY:
CITY OF MERIDIAN
PUBLIC WORKS
660 E. WATERTOWER, SUITE 200
MERIDIAN, ID 83642
ATTN: KARIE GLENN
LETTER OF CREDIT NUMBER: SLCSSEA02922
APPLICANT:
HEDGE CONSTRUCTION, INC.
1375 E. BRAEMERE RD.
BOISE,ID 83702
EXPIRY DATE: JiJLY 27, 2008
~ AT: OUR COUNTERS PRESENTLY LOCATED AT 1420 FIFTH AVENUE, 9TH FLOOR,
INTERNATIONAL DEPARTMENT, SEATTLE, WA, 98101 ON OR BEFORE 5:00 P.M.
---------------------------------------------------------------------------------------------------------------------------------
AMOLINT $ 123,333_96
NOT EXCEEDING ONE HUNDRED TWENTY THREE THOUSAND THREE HUNDRED THIRTY
THREE AND 96/100 U.S. DOLLARS
---------------------------------------------------------------------------------------------------------------------------------
' VJE HEREBY ISSUE THIS IRREVOCABLE STANDBY LETTER OF.CREDIT AVAILABLE BY
YOUR DRAFT(S) DRAWN AT SIGHT ON U.S. BANK NATIONAL ASSOCIATION AND
ACCOMPANIED BY THE FOLLOWING DOCUMENTS:
1. A STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED INDIVIDUAL OF THE
BENEFICIARY STATING :"THAT 'I'HE AMOUNT OF DRAFT DRAWN REPRESENTS FUNDS
DUE THE CITY OF MERIDIAN DUE TO THE FAILURE OF HEDGE CONSTRUCTION, INC. TO
COMPLETE THE SEWER, WATER, GRAVITY IRRIGATON, PRESSURIZED IRRIGATION,
STREET LIGHTS, LANDSCAPING AND FENCING IN SHARP ESTATES SUBDIVISION".
2. THE ORIGINAL OF THIS LETTER OF CREDIT, INCLUDING ANY AMENDMENTS.
ADDITIONAL CONDITIONS:
1. 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.
SLCSSEA02922".
THIS CREDIT IS SUBJECT TO "THE UNIFORM CUSTOMS AND PRACTICE FOR
DOCLIMENTARY CREDITS" (2007 REVISION) INTERNATIONAL CHAMBBR OF COMMERCE
PUBLICATION NO. 60U".
~ ba n km *
y Five Staz Service Guaranteed ',C~~
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 DULY HONORED UPON PRESENTATION TO US
' U.S. BANIC NATIONAL ASSOCIATION
, INTERNATIONAL BANKING DIVISION
, ^ ~'/.~;e~.
~ AUTHORIZED SIGNATURE
~loria Warr~;k
l~~tter ~f ~re~o~ ~f$~~~'
SURETY SPREADSHEET
~ Project Name: SHARP ESTATES
~ Date Compiled: 8/6/2007
Letter of CrediUBond No.: SLCSSEA02922
Issued By: US Bank
Expiration Date: 7/27/2008
Check No.:
~ Party Responsible Date Signed Off/
Item Unfinished Partial Suret For Si n-Off Person Comments
Sanitary Sewer -internal $3,333.98 $0.00 $3,333.98 Public Works 9/26/07 MOJ
`' Sanitary Sewer-offsite $0.00 $0.00
c, Water-intemal $4,122.53 $0.00 $4,122.53 Public Works 9/27/07 MOJ
!. Water- Offsite $0.00 $0.00 Public Works
Street Lights $3,706.00 $370.60 $4,OZ6.60 Building 11/6/07 IP
~ Landscaping $42,786.00 $4,278.60 . 5 12/3/07 BP
Pathways $0.00 $0.00 PZ
~ Fencing $31,150.74 $3,1t5.07 $34,265.81 PZ 10/19/07CH
` Tiling $O.OU $0.00 PZ
Pressurized Irrigation $16,900.00 $1,690.00 $18,590.00 NMID 6/5/08 NMID
~ Gravity Irrigation $t0,800.00 $1,080.00 $11,880.00 NMID 6/5/08 NMID
` Other:
$0.00 $0.00 PW
~ $0.00 $0.00
~
: $0.00 $0.00
~
4, ~ @
~VD:Q~ Q
W 0.~0
' TOTAL: $112,799.25 $10,534.27 $123,333.52
s Authorized reduction
I a3. 333 5 c,
~ BALANCE TO REMAIN: $123 . 2
6/5/08 READY TO BE RELEASED IN FULL - KG
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To: Will Berg
From: Lenard A Grady, P.E.
CC: File, Karie, P& Z Staff
Date: 8/6/07
Re: Sharp Estates
~EC~I'~E~
AUG °~ 7 2007
City of Meridian
Citr Clerk Offbce
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. SLCSSEA02922 (US Bank - dated 7/27/07)
for $123,333.96. This represents surety for items, and in amounts, listed on the attached
spreadsheet. ~
Please call Barb of Tealey's @ 463-0305 ext 110 when the plat is ready to be picked up.
Please call me if you have any questions.
Thank you.
C ~~' ~
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• Page 1
From the desk of.
L.enard A Grady, P.E.
City Engineer
Meridian Public Works Department
660 E. Watertower Lane, Suite 200
Meridian, Idaho 83642
(208)898-5500
Fa~c: (208) 898-9551
gradvl u,merdiancity.org