HomeMy WebLinkAboutHacienda Sub Letter of Credit~~E IDR IAN,,---
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August 14, 2008
Attn: John V. Evans III
D.L. Evans Bank
3845 West State Street
Boise, ID 83703
Mayor Tammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
Re: Release of Letter of Credit No. 1178 Hacienda Subdivision for Jayo Construction
After a site inspection and review of Hacienda Subdivision by the Planning Department
and the Public Works Department, it has been determined to release the Letter of Credit
in the original amount of $841,020.48 (with a current balance of $56,309.00) to you for
the completion of internal and offsite sanitary sewer and water, street lights,
landscaping and gravity irrigation. Please use this letter as authorization for D.L. Evans
Bank to release the Letter of Credit No. 1178.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
C~~ U
Jaycee L. Holman
City Clerk
Enclosure
URETY SPREADSHEET
Project Name: HACIENDA
Date Compiled: 6/12/2006
Letter of Credit/Bond No.: 1178
Issued By: DL EVANS BANK
Expiration Date: 8l41N200>' 8/19/2002 8/15/2008
Check Na
Party Responsible Date Signed Off/
Item Unfinished Partial Suret For Si n-Off Person Comments
ry
$0.00 $56,794 80 Public Works 5/22/07 MOJ reduce to 1 t 358 96
Sandary Sewer-offsite $38 186 75f
Water-internal r -mtemal $74 358.45 $0 00 $38,186 75 Public Works 5/22/07 MOJ reduce to 7837 35
}I $0.0)0 $74,358 45 Public Works _ ' 5/22/07 MOJ~reauce to 14871 6s
Water- Offsite $83,644 00! $0.00 $83,644.00 Public Works _. 5/22/07 MOJ reduce to 16728.00
P 9-... _ ~ __ _ _. ~__ ____ _ _.
g $46,475 00
$464750 $51,122.50 8wlding .3/27/07 TS
Street Li hts _ ~ $13,637.07 ~ $150,007.79 PZ 8!8!08 BP ' reduce to 563b9
Landsca m _.. ___ .._ $136.370.72(_ _ - __ _.. _ __ _ _____ ._.
Pathways $0.00 $0.00 PZ
_- li Fencing_. _- __. _ ~_ _. $000____ _. $00~- PZ _~.
Tilm _ _. ~ _ ~~
Pressurizetl Irrigation ~ $0.00 $0.00 NMID ~I I ~ ~-
Gravity Irrigation $237 806.90 $23,780.69 $281,587 59 NMID 7/24/07 ND (reduce to 1307s 38 per
_.. _ _ Nafhan3 Cattlprc ___.
Other:
$0.00 $O.OO PW
_ _
..._-
-. ___ _
',_ $0.00 I $0.00
_. _ _.
$O.oo $o.oo
_t- __ __
$o.oo $o.oo, ~ _
Authorized reduction
Authorized reduction
Authorized reduction
Authodzed reduction
BALANCE TO REMAIN:
IN FULL.- KG
253509.7 as of 4/9/07 kg.
248508.21 as of 5/15/07 by kg
63676.18 as of 7/24/07 kg
93698.79 as of 8/13/07 kg
$56,309.00
JUN - 8 2006
Memo
To: Will Berg
From: Lenard A Grady, P.E.
CC: File, Karie, P & Z Staff
Date: 6/8/06
Re: Hacienda Subdivision
1 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. 1178 (DL Evans Bank -dated 5/19/06) for
$841,020.48. This represents surety for items, and in amounts, listed on the attached
spreadsheet.
Please call Bobi w/ Bailey @ 938-0013 when the plat is ready to be picked up. Please call
me 'rf you have any questions.
Thank you.
From the desk of...
Lenard A G+ady, P.E.
Cily Engnea
Meridian Public Works Deparmiem
660 E. Watertower lane, Suite 200
Meridian, Idaho 83642
• Page 1
(208)898-5500
Fax: (208)898-9551
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RREVOCABLE DOCUMENTARY STANDBY LETTER OF CREDIT
NUMBER: LOC #1178
DATE: May 19, 2006
APPLICANT BENEFICIARY
Jayo Construction Inc. Meridian City Building Department
1323 S. Five Mile Road 660 E. Watertower, Suite 150
Boise, ID 83709 Meridian ID 83642
Project: Hacienda Subdivision
DATE AND PLACE OF EXPIRE: May 19, 2007
At the counters of: D.L. Evans Bank, Burley Office, P.O. Box 1188
Burley, ID 83318
AMOUNT: $841,020.48
Credit available with us by payment of draft(s) drawn at sight on
D. L. Evans Bank, Burley, Idaho bearing this letter of credit
number, and accompanied by the following documents detailed herein;
1. The original Letter of Credit.
2. Beneficiary's signed statement stating quote Jayo
Construction Inc. has failed to honor its contractual
agreement with the Meridian City Building Department
unquote.
3. Partial drawings are permitted. In the event of a partial
drawing, the original Letter of Credit must be returned for
endorsement of the amount paid.
This credit is subject to the Uniform Customs and Practice for
Documentary Credits (1993 revision), International Chamber of
Commerce Document Brochure No. 500.
We engage with drawers, endorsers, and bona fide holders that drafts
drawn in conformance with the terms of this credit will be honored
on presentation to the above drawee.
Sincerely,
D.L. Evans Bank
~.~ ,
Brenda Sanford
Chief Financial Officer
BS:st
Corporate Office 397 North Overland Ave. P.O. Box 1 188 Burley, ID 83318
208-678-8615 Pax 208-678-9093 Express Banking 1-888-873-9777
URETY SPREADSHEET
Project Name:
De1e Compibd:
Lacer a1 Cred'NBond No.:
Issued By:
Ezpiraaon Daae:
cnear No.:
Ilan
HACIENDA
&128006
1178
OL EVANS BANK
~-snsROO~r 8~~ l4 ~C5-T
Urrflnishad Partial
S
rty Raslmeide Data Signed OR/
For S' Person -- -
Seniary Sewer tirrtertial 156,791.80 10.00 156.791.80 Public Worn ~ _.._ _ -
Sanitary SeaR+dfsAe 538,186.75 50.00 538.186.75 Public Warta ...;.:...~..~_ --:- :~
Water-ntamal 174,358.45 10.00 174.358.45 PuhYc Wade - ..... _ _ _ _
Walar- Dlfake 183.844.00 50.00 583.644.00 Public Warta ..... ~.-
Strad Lids _- S48 475.00 54,847.50 151,1?2.50 Building 327/07 TS --_
Larst.,capa~g 1136,370.72 113,837.07 1150,007.79 PZ
Patfmmys 10.00 50.00 PZ
Fencing 10.00 10.00 P2
Tig 10.00 10.00 P2
Pra~u¢ed Irtipadon 50.00 10.00 NMID
GnvYy Irrigation 1237.806.90 123,780.89 1261.58259 NLIID _ < _- __
ONer
i0.OD SD.00 PW
10.OD 50.00
10.00 10.00
50.00 10.00
TOTAL: 5873,638.62 (42,065.28
AuthorizM reduction
Authored rMuctian
BALANCE TO REMAIN: 5715,701.88
253509.7 as of 49:07 authorized reduction kg
5482,192.18
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EQUEST FOR AMENDMENT TO LETTER OF CREDIT
Date: May 18, 2007
RE: Request for Amendment to Letter of Credit # 1178.
Applicant: Jayo Construction Inc.
Beneficiary: Meridian City Building Department
Dated: May 19, 2006
Gentlemen:
Please amend the above referenced Letter of Credit to read as
follows:
Date of expiration is amended to August 19, 2007 and dollar
amount is reduced to $462,192.18
Sincerely,
D.L. Evans Bank
John V. Evans III
Exec. Vice President/Treasure Valley area
JVE:lc
Boise 3845 West State Street Boise, ID 83703
208-3422226 Fax 208-342-4034 Express Banking 1-88873-9777