HomeMy WebLinkAboutCedar Springs Townhomes LOC IDIAN*~---
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August 15, 2008
RBC Centura
International Services -Standby UC Unit
200 Providence Rd., 3`d Floor
Charlotte, NC 28207
MayorTammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
Re: Release of Standby Letter of Credit No. SB004270 (Cedar Springs Townhomes for
John Flaherty Construction, Inc.
After a site inspection and review of Cedar Springs Townhomes by the Planning
Department and the Public Works Department, it has been determined to release the
Letter of Credit in the original amount of $242,154.02 (with a current balance of
$37,433.00) to you for the completion of internal sanitary sewer and water, street lights,
landscaping, fencing and pressurized irrigation. Please use this letter as authorization
for RBC Centura to release the Standby Letter of Credit No. S6004270.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
~'l - ~~.~
ayceC7~/~an
City Clerk
Enclosure
BC
"= Centura
. ~
International Services -Standby UC Unit
200 Providence Rd., 3rd Floor
Charlotte, NC 28207
S.W.I.F.T.: CNTAUS33
(704)686-1467 or (704)686-1194
(704)686-1498 fax
1-800.938-6299
Irrevocable Standby letter of Credit Number 56004270
Issue Date: August 24,2007
Beneficiary:
City of Meridian
669 E. Watertower Lane, Suite 200
Meridian, ID 83642
Expiry Date: August 24,2008
Applicant:
John Flaherty Construction Inc.
1850 N. Lakes Place
Meridian, ID 83646
Gentlemen:
On behalf of John Flaherty Construction Inc., we hereby establish in your favor our Irrevocable Stondby Letter of Credit
Number SB004270 (this "Letter of Credit") up to the aggregnte amount of USD$242,154.02 (United States Dollars Two
Hundred Forty Two Thousand One Hundred Fifty Four and 02/100).
Funds under this Letter of Credit are available with us by payment against presentation of your sight draft(s) drawn on us,
marked "Drown under RBC Centura Bank Irrevocable Standby Letter of Credit 86004270", accompanied by:
1. Your written signed and dated statement stating:
"I, , an authorized officer of City of Meridion, with respect to RBC Centura Bonk Irrevocable
Standby Letter of Credit 58004270, hereby certify that the amount of the draft USD $
represents the amount of money required to complete Cedor Springs Townhomes Improvements and/or other work as is
incidental and related thereto in accordance with the drawing and specifications as submitted to the City of Meridian",
and,
2. This original Letter of Credit.
Multiple drawings hereunder are permitted.
This Letter of Credit is effective immediately and shall expire at the office located nt 200 Providence Road, 3rd Floor,
Charlotte, NC 28207, Attention: International Services -Standby L/C Unit on or before the above stated expiry date. We
hereby undertake that the drafts drawn under and in compliance with the terms and conditions of this Letter of Credit will be
duly honored.
This Letter of Credit is subject to the "Uniform Customs and Practices for Documentary Credits (2007 Revision), International
Chamber of Commerce Publication No. 600."
Sincerely
BC Centurc Bank
Authorized Signature Aut rued Signature
URETY SPREADSHEET
Project Name: CEDAR SPRINGS TOWNHOMES
Date Compiled: 9/28/2007
Letter of Credit/BOnd No.: SB004270
Issued By: RBC
Expiration Date: 6/24/2008
Check No
Party Responsible Date Signed Otf/
Item Unfinished Partial Suret For Si n-Off Person
Sanitary Sewer-internal $13,516.90' $0.00 $13,518.90 Public Works '',10/19/07 MOJ
_....__
Sanitary Sewer-offsile ' $0.00 $0 00
Water-infernal $56,400.00 $0.00 $56,400 00 Public Works
Water- Offsite $0.00 $0 00 Public Works
Street Lights $5,443.20 $544.32 $5,887.52 Builtling
g _ _ _ _._ _.. -_-...
~Landscapin i $34,030.00' $3,403.00 $37,433.00' PZ
$0.00 $0.00 PZ
_ _ .._ __
g $5 862.80 $64,490.80 PZ
_._ Fencinays $58,628.00 $0.00 $0.00 - PZ
Tiling
Pressudzetl Imgation ! $58,478.00 $5,847.80 $84,325.80, NMID
Gravity Imgation $0.00 $0.00 NMID
I
__
Olher.
$0.00
__ $0.00
_._
$0.00
__-
'. $0.00
Authorized reduction
Comments
10/19/07 MOJ
7/11108 KG
8/15/08 BP - -
__
5/20/08 SW -
7/16/08 ND
$0.00. __- PW
$0.00
$0.001
$O.OO
2,154.02
204721.02 as of 7/16/08 kg
BALANCE TO REMAIN: $37,433.00
..
Memo
SEf' 2 ij 2Q07
;,rr=,r ,.
To: Will Berg
From: Lenard A Grady, P.E.
CC: File, Karie, P & Z Staff
Date: 9/27/07
Re: Cedar Springs Townhomes
I have signed the plat for the above project and am forwarding d 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. SB004270 (RBC -dated 8/24/07) for
$242,154.02. This represents surety for items, and in amounts, listed on the attached
spreadsheet.
Please call Daren Fluke w/ JUB Engineers @ 376-7330 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 Engincer
Meridian Public Wodcs Departrnen[
660 E. Watertower lane, Suite 200
Meridian, Idaho 83642
(208)898-5500
Fax: (208) 898A551
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