HomeMy WebLinkAboutLetter of CreditMayorTammy de Weerd
City Councll Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
July 17, 2008
Attn: Steven Nielson
Bank of the Cascades
121 North 9~' Street
Boise, ID 83702
Re: Return Letter of Credit Crossfield Clubhouse 8~ Pool for Heron River Development,
LLC
After a site inspection and review of Crossfield Clubhouse 8~ Pool by the Planning
Department and the Public Works Department, it has been determined to release the
Letter of Credit in the amount of $44,344.34 to you for the completion of the project.
Please use this letter as authorization for Bank of the Cascades to release the
Irrevocable Standby Letter of Credit No. 524.
If you have any questions, piease contact me. Thank you for your cooperation.
Enclosure
i~~~~ ~-`~. ~u~~'~i
J~r~ - ~ ~~07
~L,rFy of ANeridiar~
~i~r Clerk Office
SURETY SPREADSHEET
Project Name:
Date Compiled:
Letter of CrediUBond No.:
Issued By:
Expiradon Date:
Check No.:
Item
CROSSFIELD (clubhouse and pool)
7/8/2007
524
Farmers 8 Merchanb
~ISl290~ 7/b/2008
Unfinish~ Partfal
re
rly Responsible Date Signed Oft/
For Si n-Off Person Comments
Sanitary Sewer -intemal $0.00 $0.00 Public Works
Sanitary Seweroffsite $0.00 $0.00
Water-intemal $0.00 $0.00 Public Works
Water- Offsfte $0.00 $0.00 Public Works
Street Lights $0.00 $0.00 Building
Lendscaping $18,500.00 $1,850.00 $20,350.00 PZ reduce ~o aoso.oo ~2n~ro~
pathways $0.00 $0.00 PZ
Fencing $3,841.17 $384.12 $4,225.00 PZ 12/21/07 CH
Tlling $0.00 $0.00 PZ
Pressurized Irrigatlon $0.00 $0.00 NMID
Gravity Irrigatlon $0.00 $0.00 NMID
Other.
Clubhouse and Pool structures $180,838.59 $18,083.88 $198,920.00 PZ reduce to 41284.3412l21/07
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
TOTAL: $203,177.76 $20,317.78
Authorized reduction
BALANCE TO REMAIN: $223,485.00
179150.66 as of 12/21/07 kg
$44,344.34
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BANK OF THE
_ CAS CA D E S
IRREVOCABLE LETTER OF CREDIT
Amendment #1 to Letter of Credit #524, Dated July 5, 2007
Expiration: Ju1y 5, 2008
At the Counters of Bank of the Cascades
121 North 9~' Street, Boise, Idaho 83702
Beneficiary: City of Meridian
660 Ea.st Watertower Lane, Suite 200
Meridian, Idaho 83642
To Whom It May Concern:
Bank of the Cascades hereby amends our Irrevoca~le Standby Letter of Credit No. 524 in
favor of the City of Meridian (Beneficiary) for the account of Heron River Development,
LLC as follows:
1. 1Vlaturity date is herby extended to July 5, 2008
2. Amount is hereby changed:
From: $223,495.00
To: $44,344.34
Except as expressly changed by this Amendment, the terms and conditions of the origi.nal
Letter of Credit No. 524 rema;in unchanged and in full force and effect.
Bank of the Cascades
~
By: ~
Steven Nielson, Se 'o ice President
December 24, 2007
SERVING COMMUNITIES IN OREGON AND IDAHO / WWW.bOtC.COiT1 NASDAQ: CACB
~~"~ FARM~RS & MERCHA1~iTS
~~~~I A BANK OF THE CASCADES COMPANY
IRREVOCABLE STANDBY LETTER OF CREDTT
Irrevocable Standby Letter of Credit No. 524
Date: July 5, 2007
Expiration: January 5, 2008
At the counters of Faimers & Merchants, A Bank of the Cascades Com~pany
121 North 9~' Street, Boise, ID 83702
Beneficiary: City of Meridian
660 E aVatertower Ln. Suite 150
Meridian, Idaho 83642
To Whom It May Concern:
Farmers & Merchants, A Bank of the Cascades Company [the Bank] hereby establishes in favor of the City
of Meridian, the Beneficiary, for the account of Heron River Development, LLC, the Applicant, our
Irrevocable Standby Letter of Credit in the amount of Two Hundred Twenty Three Thousand Four Hundred
Ninety Five Dollars in United States Dollazs ($223,495.00 USD) available by immediate payment upon
presenta.tion of Beneficiary's sight draft drawn on Fazmers & Merchants, A Bank of the Ca.scades
Company in an amount not exceeding the credit hereby established during the da.tes of July 5, 2007 through
January 5, 2008.
Surety Reduction Inspection(s): The Bank's understanding is that the outstanding liability of this Leiter of
Credit will be reduced as the covered improvements are completed to the Beneficiary's satisfaction by its
Surety Reduction Inspection process.
Partial drawings aze permitted.
Reimbursement Instructions: Sight drafts drawn under this Letter of Credit must bear the clause: "Drawn
under Fazmers & Mercha.nts, A Bank of the Cascades Company, Irrevocable Standby Letter of Credit No.
524 da.ted Ju1y 5, 2007". Beneficiary's sight drafts must also be accompanied by the following conforming
documents:
1. Beneficiary's written statement, signed by a person purportedly authorized by the Beneficiary,
stating that Heron River Development, LLC, has not complied with the City of Meridian's
conditions of approval for landscaping, consiruction of community pool and other
improvements for the Crossfield Subdivision No. 1.
2. The original of this I,etter of Credit and any subsequent amendments.
The Bank hereby promises to Beneficiary that any sight drafts drawn under the terms of this Letter of
Credit will be duly honored if presented to the Boise Downtown Branch of Fa*~*~~ & Merchaats, A Bank
of the Cascades Company at 121 North 9~' Street, Boise, ID 83702, along with the required conforming
documents by January 5, 2008.
Except so faz as otherwise stated herein, this letter of credit is subject to the International Standby Practices
(ISP 98), Interaational Chamber of Commerce Publication No. 590.
Farmers & 1Vlerchants,
A B of the Ca.scade ompany
_July 5, 2007
Mike Roach, Vice P ident - Date
t2t N. gTH ST. ~ BOISE, ID 837oz ~ tel 208•343'7848 ~ f~X 2O$'343-7979 I~'~+'w•botc.com I NASDAq: CACB
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emo
To: Will Berg
From: Lenard A Grady, P.E.
CC: File, Karie, P& Z Staff
Date: 3/28/07
Re: Crossfield #2
~9~~ ? 9 ~~~~
~ity of Meridiaru
~Cit~ C~erl~ ~.Afffi~~
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. 442 (Farmers & Merchants Bank - dated
11/3/06 w/ amendment #1) for $191,025.63. 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 Gredy, P.E.
City Fngmeer
Meridian Public Works Dep~me,~t
660 H Watertower Lane, Suite 200
Meridian, Idaho 83642
~ Page 1
(1A8) 898-5500
Fax:(208) 898-9551
r~adyl(~merdiancitv.o~
~~~;~ FARMERS $c MERGHAIVTS
IIIII A BANK OF THE CASCADES COMPANY
IRREVOCABLE STANDBY LETTER OF CREDTT
Amendment #1 to Letter of Credit No. 442
Dated: November 3, 2006
At the counters of Farmers & Merchants,
A Bank of the Cascades Company
121 N 9~' Street, Boise, Idaho 83702
Beneficiary: City of Meridian
660 E Watertower Ln. Suite 200
Meridian, Idaho 83642
To Whom It May Concern:
Fazmers & Merchants, A Bank of the Cascades Company hereby amends Irrevocable Standby Letter of
Credit No. 442 in favor of the City of Meridian (Beneficiary) for the account of Heron River Development,
LLC as follows:
1. Maturity date is hereby extended to December 13, 2007
2. Amount is hereby changed:
From: $370,933.00.
To: $191,025.63.
Except as expressly changed by this Amendment, the terms and conditions of the original Letter of Credit
No. 442 remains unchanged and in full force and effect.
Farmers & e chants, a Bank of the Cascades Company
B : ~~~ ~
Y
Steven Nielson, Senior i resi ent Mar. 13, 2007
BOISE ~ GARDEN CITY ~ MERIDIAN ~ KUNA I NAMPA I CALDWELL ~ FRUITLAND ~ fmsb.com
~~,~~ F'ARMERS $c MERCHA1tiiTS
A BANK OF THE CASCADES COMPANY
s IRREVOCABLE STANDBY LETTER OF CREDIT
Irrevocable Standby Letter of Credit No. 442
Date: November 3, 2006
Expiration: May 3, 2007
At the counters of Farmers & Merchants, a Bank of the Cascades Company
121 North 9~' Street, Boise, ID 83702
City of Meridian
Attn: Karie Glen
660 E Watertower Ln. Suite 200
Meridian, Idaho 83642
To Whom It May Concern:
Farmers & Merchants, A Bank of the Cascades Company[the Bank] hereby establishes in favor of the City
of Meridian, the Beneficiary, for the account of Heron River Development, LLC, the Applicant, our
Irrevocable Standby Letter of Credit in the amount of Three Hundred Seventy Thousand Nine Hundred
Thirty Three Dollars and No Cents in United States Dollars ($370,933.00 USD) available by immedia.te
payment upon presentation of Beneficiary's sight draft drawn on Farmers & Merchants, A Bank of the
Cascades Company in an amount not exceeding the credit hereby established during the dates of November
3, 2006 through May 3, 2007.
Surety Reduction Inspection(s): The Bank's understanding is that the outstanding liability of this Letter of
Credit will be reduced as the covered improvements are completed to the Beneficiary's satisfaction by its
Surety Reduction Inspection process.
Partial drawings aze pemutted.
Reimbursement Instructions: Sight drafts drawn under this Letter of Credit must bear the clause: "Drawn
under Fazmers & Merchants, A Bank of the Cascades Company, Irrevocable Standby Letter of Credit No.
442 dated November 3, 2006". Beneficiary's sight drafts must also be accompanied by the following
conforming documents:
1. Beneficiary's written statement, signed by a person purportedly authorized by the Beneficiary,
stating tha.t Heron River Development, LLC has not complied with the City of Meridian's
condirions of approval for gravity irrigation, pressurized irrigation, street lights, landscaping,
sewer, water and other improvements for the Crossfield Subdivision No. 2.
2. The original of this Letter of Credit and any subsequent amendments.
The Bank hereby promises to Beneficiary that any sight drafts drawn under the terms of this Letter of
Credit will be duly honored if presented to the Boise Downtown Branch of Farmers & Merchants, A Bank
of the Cascades Company at 121 North 9~` Street, Boise, ID 83702, along with the required conforming
documents, by May 3, 2007.
Except so far as otherwise sta.ted herein, this letter of credit is subject to the International Standby Pracrices
(ISP 98), International Chamber of Commerce Publication No. 590.
Farmers & Merchants,
A B f the Casca es Company
,
Steven Nielson, Senior Vice Pres' ent
BOISE ~ GARDEN CITY ~ MERIDIAN ~ KUNA ~ NAMPA ~ CALDWELL ~ FRUITLAND ~ fmsb.com
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