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Home My WebLink AboutRelease of Letter of Credit Bridgetower No. 12~ E IDIAN*~--- ~~~~~ June 17, 2008 Banner Bank International Department ~ 2815 Second Avenue, Suite 360 Seattle, WA 98121 MayorTammy de Weerd City Council Members: Keith Bird Joe Borton Charles Rountree David Zaremba Re: Release of Standby Letter of Credit No. 5700038 Bridgetower Crossing No. 12 for Primeland Development Company, LLC. ' After a site inspection and review of Bridgetower Crossing No. 12 by the Planning Department and the Public Works Department, it has been determined to release the Standby Letter of Credit in the amount of $20,797.92 to you for the complefion of sanitary sewer offsite and internal, water-internal, street lights, landscaping, fencing and pressurized irrigation. Please use this letter as authorization for Banner Bank to release the Letter of Credit No. 5700038. If you have any questions, please contact me. Thank you for your cooperation. Sincerely, ~ Jaycee L. Holman City Clerk Enclosure ~~~~ETEI~ JU~ 17 200~ ~~e ~~ IRREVOCABLE STANDBY LETTER OF CREDIT Date: June 5, 2006 Letter of Cred'at No.: 57 ]~ N~~ ~/~~K Beneficiary: City of Meridian Amount: USD419,31 . 33 E. Idaho Avenue Meridian, ID 83632 In Words: (Four Hundred neteen Thousand Tbcee Hwndred ~ Twelve and 39/100 United States Dollars) Ezpiration Date: December O5, 2006 We hereby authorize you to draw on Banner Bank, for account of Primeland Development Company LLC, 3120 W. Belltower Drive, Suite A,, Meridian, I~ 83642 up to an . aggregate amount of Four Hundred Nineteen Thousand Three Hundred Twelve and 39/100 United States Dollars (tJSD419,312.39) available by your drafts at sight accompanied by the fallowing documents: 1. This original Standby Letter of Credit. and 2. Beneficiary's statement signed by an authorized signer stating that the improvements to Bridgetower Crossing No. 12 have not been satisfactorily completed. Special Conditions: l. Partial Drawings & Multiple Drawings are allowed. Draft and documents must be presented at this office, Banner Bank, International Department, 2815 Second Avenue, Suite 360, Seattle, WA 98121, on or before December O5, 2006, on which day this Standby Letter of Credit will expire_ Each draft must state that it is "Drawn under Banner Bank, Irrevocable Standby Letter of Credit no. 5700038." We hereby engage with drawers that drafts drawn and documents presented in strict compliance with the terms of this Irrevocable Standby Letter of Credit will be duly honored upon presentation to us. This letter of credit is subject to the International Standby Practices 1998 (ICC ~ . A3Yfhorized Signature ~ International Department • 2815 Second Avenue, Suite 360 • Seattle, WA 98121 ~ Phone 206-269 8380 • Fax 206 269 8389 • www.bannerbank.com EWnL MOIlSWG LENDER Member FDIC, Equal Housing Lender IRREVOCABLE STANDBY LETTER OF CREDIT Date: December 5, 2006 Beneficiary: City of Meridian 33 E.Idaho Avenue Meridian, ID 83632 AMENDMENT NUMBER: O 1 Letter of Credit No.: Issued Amount: In words: ~E R ~ANK 5700038 USD419,312.39 (Four Hundred Nineteen Thousand Three Hundred Twelve and 39/100 United States Dollars) We hereby amend the above Standby Letter of Credit, on behalf of Primeland Development Company LLC, 3120 W. Belltower Drive, Suite A, Meridian, ID 83642, as follows: 1. The outstanding balance of this Letter of Credit has been decreased by USD349,312.39 (Three Hundred Forty Nine Thousand Three Hundred Twelve and 39/100 United States Dollars) for a new outstanding balance of USD70,000.00 (Seventy Thousand and No/100 United States Dollars). 2. The expiry date of this Letter of Credit has been extended to June 5, 2007. 3. The applicant's name and address have been changed to Primeland Development Company, L.L.P., 3120 W. Belltower, Suite 100, Meridian, ID 83646. 4. Please delete "Beneficiary's statement signed by an authorized signer stating that the improvements to Bridgetower Crossing No. 12 have not been satisfactorily completed" and replace with "Beneficiary's statement signed by an authorized signer stating that the improvemerrts to the water line construction by McMitlan Road, adjacent to Bridgetower Crossing No. 12, have not be satisfactorily completed." All other terrns and conditions remain unchanged. This amendment is subject to the International Standby Practices 1998 (ICC Publication 590). I Au orized Signature ~ International Department • 2815 Second Avenue, Suite 360 • Seattle, WA 98121 ~ Phone 206-269-8380 • Fax 206-269-8389 • www.bannerbank.com LENDER Member FDIC, Equal Housing Lender IRREVOCABLE STANDBY LE'I°TER OF CREDIT Date: June 4, 2007 Beneficiary: City of Meridian 33 E. Idaho Avenue Meridian, ID 83632 AMENDMENT NUMBER: 02 Letter of Credit No.: Current Amount: In words: ~~~ ~ /~ 1~I IC 5700038 v USD70,000.00 (Seventy Thousand and No/100 United States Dollars) We hereby amend the above Standby Letter of Credit, on behalf of Primeland Development Company LLC, 3120 W. Belltower Drive, Suite A, Meridian; ID 83642, as follows: 1. The e~cpiration date of this Letter of Credit has been extended to June O5, 2008. 2. The outstanding balance, of this Letter of Credit has been decreased by USD49,202.08 to a new outstanding balance of USD20,797.92. 3. The Beneficiary statement is replaced with "Beneficiary Statement statement signed by an authorized signer stating tlzat the 606' of water line in McMillan Road between 10 Mile and Linder Road has not been satisfactorily installed. All other terms and conditions remain unchanged. This amendment is subject to the International Standby Prac6ices 1998 (ICC Publication No. 590). Aufhorized Signature ~ International Department • 2815 Second Avenue, Suite 360 • Seattle, WA 98121 ~ Phone 206-269-8380 • Fax 206-269-8389 • www.bannerbank.com LENDER E~~ ~w~ Member FDIC, Equal Housing Lender ; SURETY SPREADSWEET Project Name: Bridgetower Crossing #12 Date Compiled: 6/29/2006 Letter of Credit/Bond No.: 5700038 Issued By: Banner Bank ~ Expiration Date: ~2996 6/g/~gg~ 6/5/2008 Check No.: ~ Item Party Responsible Date Signed Off/ Unfinished Partial Suret For Si n-Off Person Comments ~C Sanitary Sewer -intemal $53,317.50 $0.00 $53,317.50 Public Works 6/4/07 MOJ Sanitary Sewer-offsite $0.00 $0.00 ~ Water-internal $74,660.73 $0.00 $74 660.73 Public Works 5/23/08 RF ~ , Water- Offsite $0.00 $0.00 Public Works Street Lights $7,776.00 $777.60 $8,553.60 Building 7/25/O6 HW ~, ~ Landscaping $146,164.63 $14,616.46 $160,781.09 PZ 11/30/06 SW Pathways $0.00 $0.00 PZ ~ fencing $88,781.70 $8,878.17 $97,659.87 PZ 8/21/O6 SW ~ ` Tiling $0.00 $0.00 PZ ~ Pressurized Irrigation $24,339.60 $0,00 $24,339.60 Public Works 6/1/06 MOJ Gravity Irrigation $0.00 $0.00 NMID ' ~ Other: ~ $0.00 $0.00 PW $0.00 $O.OU $0.00 $0.00 ~~ $0.00 $0.00 TOTAL: $395,040.16 $24,272.23 $419,312.39 Authorized reduction 291334.16 11/30/O6 KG authorized reducton 1071~80.31 6/4/07 kg ~: ~ BALANCE TO REMAIN: $20,797.92 5/27/08 READY TO RELEASE IN FULL - KG IZECE~~t~t~ JUN - 6 2007 City of Meridian ~ity Clerk Office SURETY SPREADSHEET ~ Project Name: Bridgetower Crossing #12 Date Compiled: 6/29/2006 ` Letter of CrediUBond No.: 5700038 Issued By: Banner Bank ~ Expiration Date: ~si~nna si~r~nn~ 6/5/2008 Check No.: ' Party Responsible Date Signed Off/ Item Unfinishad Padial Sure For Sign-0ff Person Commen;s Sanitary Sewer -intemal $53,317.50 $0.00 $53,317.50 Pubfic Works 6/4/07 MOJ Sanitary Sewer-0ffsite $0.00 $0.00 Water-intemal $74,660.73' $0.00 $74,660.73 Public Works HOLC 2C737 32 PER fUJ Water- Offsite $0.00 $0.00 Public Works . Street Lights $7,776.00 $777.60 $8,553.60 Building 7/25/06 HW ~ Landscaping $146,164.63 $14,616.46 $160,781.09 PZ 11/30/06 SW ~' Pathways $0.00 $0.00 PZ ~ ~ Fencin9 $88,781J0 $8,878.17 $97,659.8T PZ 8/21/O6SW Tiling $0.00 $0.00 PZ ~ Pressurized Irrigation $24,339.60 $0.00 $24,339.60 Public Works 6/1/06 MOJ Gravity Irrigation $0.00 $0.00 NMID ~, Other. ~ . $0.00 $0.00 PW $0.00 $0.00 ` $0.00 $0.00 4 ' ~0.00 ~~.0~ TOTAL: $395,040.16 $24,272.23 $419,312.39 ; Authorized reduciion 291334.16 11/30/Ofi KG ~ ~ authorizeA reducton 107180.31 6/4!0% kg ; BALANCE TO REMAIN: $20,797.92 ~~ ~~ 01 ~~ ~~ ~ ~ ~ ~ ~~~ . ~ ~ ~ ~~ ~ ~::s~-~~~,~ ~~ , ~ ~~ ~ ~~~~~~~~ DEC - 7 2006 City of Meridian ~ity Cierk Office , (` SURETY SPREADSHEET ~ Project Name: Bridgetower Crossing #12 Date Compiled: 6/29/2006 Letter of CrediUBond No.: 5700038 Issued By: Banner Bank Expiration Date: ~~isr~nna 6/5/2007 ~ i Check No.: ~ Pacty Responsible Date Signed Off/ Item Unfinished Partial Surety For Sign-0ff Person Gemmen;s t Sanitary Sewer antemal $53,317.50 $0.00 $53,317.50 Public Works ` Sanitary Sewer-0ffsite $0.00 $0.00 Waterlntemal $74,660.73 $0.00 $74,660.73 Public Works Water- Offsite $0.00 $0.00 Public Worlcs Street Lights $7,776.00 $777.60 $8,553.60 Building 7/25/O6 HW ~` Landscaping • $146,164.63 $14,616.46 $160,781_09 PZ 11/30/06 SW Pathways ~ $0.00 $0.00 PZ Fencing $88,781.70 $8,878.17 $97,659.87 ~ PZ 8/21/06 SW Tiling $0.00 $0.00 PZ ~ Pressurized Irrigation $24,339.60 $0.00 $24,339.60 Public Works 6/1/06 MOJ 't, Grevity 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: $395,040.16 $24,272.23 $419,312.39 • k Authorized reduciion 291334.16 11/30/Ofi KG 121~/~6 RF_CIED EXTF_NSION FOR ORIGINAL AMOUNT ' BALANCE TO REMAIN: $127,978.23 ~~ ~~ ;o~ ~ ~O S ~ ~ ~ ~ ~~ ~ ~ ~ ~~ ~ ~ RECEIVE~ JUN 2 9 2006 emo To: Will Berg From: Lenard A Grady, P.E. CC: File, Karie, P& Z Staff Date: 6/28/06 Re: Bridgetower Crossing Subdivision #12 City of Meridian City Clerk Office 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. 5700038 (Banner Bank - dated 6/5/06) for $419,312.39. 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. From the desk of... Lenard A Grady, P.E. City Fi~gineer Meridian Public Works De~rhnent 660 E. Watertower Lane, Suite 200 Meridian, Idaho 83642 (208)898-5500 Fax: (208) 898-9551 • Page 1 g~-adyl(rd,merdianci .org ~ d > 0 4 ~ ~o 0 0 N ~ to ~ O ~ Q 0 a~ ~