HomeMy WebLinkAboutSundial Subdivision Return Letter of CreditE IDIAN~~--
October 3, 2008
Washington Trust Financial Center
Commercial Services Group
P.O. Box 2127
Spokane, WA 99210-2127
Mayor Tammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
Re: Release of Standby Letter of Credit No. 24333 (Sundial Subdivision) for Gemstar
Properties, L.L.C.
After a site inspection and review of Sundial Subdivision by the Planning Department
and the Public Works Department, it has been determined to release the Letter of Credit
in the amount of $177,109.24 to you for the completion of internal sanitary sewer and
water, street lights, landscaping, pathways, fencing, pressurized irrigation, gravity
irrigation, wood trellis and horseshoe pit. Please use this letter as authorization for
Washington Trust Bank to release the Standby Letter of Credit No. 24333.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
Jaycee L. Holman
City Clerk
_-~`
Enclosure
ashinc~tonTrust Bank 11
IRREVOCABLE STANDBY
LETTER OF CREDIT N0.24333
AMOUNT: $177,109.24
DATE: MARCH 4, 2008
City of Meridian
Attn: Will Berg
33 E. Idaho Ave.
Meridian, ID 83642
Ladies and Gentlemen:
We hereby establish our Irrevocable Standby Letter of Credit No. 24333 in your favor for the account of
GEMSTAR PROPERTIES, L.L.C. , 728 S. Bridgeway Pl. Ste 100, Eagle, ID 83616, up to the aggregate
amount of ONE HUNDRED SEVENTY SEVEN THOUSAND ONE HUNDRED NINE DOLLARS AND
24/100--------DOLLARS ($177,]09.24) U.S, currency, available by your draft(s) drawn at sight on us and
presented to Washington Trust Bank on or before MARCH 4, 2009 covering Sundial Subdivision
Improvements and accompanied by the following:
1. A signed statement from the City of Meridian reading exactly as follows:
"I, the undersigned duly authorized representative of the City of Meridian, hereby certify that
the draft drawn under this Letter of Credit represents the amount of money required to complete
the subdivision improvements at Sundial Subdivision."
2. Original of this Letter of Credit.
All drafts presented under the credit must contain the clause "Drawn under Washington Trust Bank Letter of
Credit No. 24333.
Any and all banking charges, other than those of the issuing bank, are for the account of the beneficiary.
We herehy engage with the drawers and bona fide holders of drafts drawn under and iri compliance with the
terms of this Letter of Credit that the drafts will be duly honored upon presentation and delivery of documents,
as specified, to Washington Trust Bank, Fairview Branch, 3251 E. Presidential Drive, Meridian, ID 83642, on
or before MARCH 4, 2009.
All drawings under this credit will be governed by the Uniform Customs & Practice for Documentary Credits
(2007 Revision) International Chamber of Commerce Publication No. 600.
Sinc rely,
Tracy Heartburgur~g~%~ `"-
Assistant Vice President
Commercial Services Group
Washington Ttvst Financial Center P. O. Box 2127, Spokane, Washington 99210-2127 (509) 353-4177 Fax (509) 353-3905
SURETY SPREADSHEET
Project Name: Sundial
Date Compiled: 6/18/2008
Letler of CrediUBOnd No.: 24333
Issuetl By: Washington Trust Bank
Expiration Date: 3/4/2009
Check No.: na
Sanitary Sewer -intemal
Sanitary Sewer-offsite
Water-intemal
Water- Offsite
Street. Lights
~Pressudzetl Irdgalion
Gravitylniga5on
Other:
Wootl Trellis
horseshoe pit
$34 000.00 III
$0.00
$46800,Og.- $3,400.00
$4,690.00
$0.00
$3,527.90 $352.79
$23,255.00' $2,325.50 _.
$825.00 $82.50
.$8050.50 _ $80505 _~ _
$0.00 i
Party Responsible Date Signed Off/
iuret For Si n-Off Person
$37,400 00 Public Works 8/8/08 RF
$0.00, __ ___
$51,590.00: Public Works
$0.00 Public Works
$3,880.69 Building
$25,580.50 PZ
$907.50 PZ
,_$8,855.55 PZ
$0.00 PZ
___-
$23,550.00 $2,355.00 $25,905 00~ NMID
$15,850.00 $1,565.00 $17,215 00' NMID
$450.00
$75.00
Authodzed reduction
8/8/08 RF
7/11108 JW
8/19/OBJW
8/19/08 JW
8119/OB JV __ ''.
9/17/08 NMID
9/17/08 NMID
$4,950.00 PZ 8/19108 JV
$825.00. PZ _8/19108 JV
BALANCE TO REMAIN: $177,109.24
READY TO RELEASE IN FULL - KG
Memo
To: Jaycee Holman
From: Kerrie Glenn
CC: File, Karie, P & Z Staff
Date: 610/08
Re: Sundial
Clint Dolsby has signed the plat for the above project and I 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. 24333 (Washington Trust Bank -dated
3/4/08) for $177,109.24. This represents surety for items, and in amounts, listed on the
attached spreadsheet.
Please call Mike Wilson @ 288-0573 when the plat is ready to be picked up. Please call me
ff you have any questions.
Thank you.
"Final Plat was approved by City Council on:
ry~ 008
Fmm the desk of ..
Karie A Glen
Dept Spwialist Supervisor
Meridian Public Works Dc~anrnan
660 B Watedower rm~e, Stile 200
Meridian, Idalro 83642
• Page 1
(208)898-5500
Faz: (208) 898-9551
~IenokCa~.meridiancitv.om
W
O
n
Q
0
n
M
0
Q
~:~:
3
~`
~ ~S
m
'
G UI UI N $ga#~<
~_ ~ ~ ~ ~ 3~:~.
W y J J J ..a$'3
W N N pJ
m ~ ~' ~ ~ W w a m ~^`~;'
~ ~ u
i i ~ ~~
{p v
a ~
a~ ~
a V
a ~
- ~
- D
- N N N N N ~~`.
a > > > > g g g v a'f ~tf wl aK as '~>
d a a a z z z m a a a a a °~.
~ .~~.
o o
, o o o o o o~ o o o o ~n
o o o o o o o m ~n ~n o o ~n
" o l
o, o o ui ~ri o o o ~ o ui ui
m
~
~ ~
~ ~
0
h Q M
EA tf)
H3
M N
E9 ~ N
f9 b
9 b
9
\, of
O
`
~~
O O O O O O O O 0 0 0 O O ~
~~
:
'
~'
O O O O O O O O) O O O O ~ ~~
C 0 0 0 0 0 O O O I~ O O O O O p ~'QSg3
"
~~ O
O EA O
O fA ~
m b
~ fA N
~ O
N N
O O
~ ~
r ~
O p ~~~;
o
O
Vi
Vi ~ :~'':
E [ c
o 7 N ~ N ~ ~ ~n 3'<
Y
a
yo„
3~'
~, 7'
~,~~
~~
:
.
:
:cg.:
~ ~
~
~~
e
o i
e.
e l
e
e
e
a i
e
e
e
e
e
e
e
e
e
o
e
0
o
0
0
0
0
0 ~
~.
^"
'~°:~
y x~`.
aee°~`
~;:,.t
0 0 o o o o o w o o o o ~n a ~;,~R>
., o 0 0 0 o o o ~ ~ri ui o o o ad ':~~?
'
C O V3 O E9 l[3 In bS N tf3 N O tq to O :^~.
8~
'
= O W t0 1n ~ N 0~ tq I~ O O ~.
~
~
m ~ ee
}y
t+3 V ~~ N ~~ N ~ ESA ~ E~A m t
5'~'S`,,'>A'
~
3.k~'n'
69 H} lA Y3 f9 ~ f~.~d~
~ b.g
.
jh
y2Y4~<
~
5
_ __ ~3.
~~t.
~)e5Q
"i?y.:.
...~:
~b
C YfY~'~
:
~
Q ~:~a
!~~~.
~i.
i
i
3 i
N ~ ~ A .,
~
I
O c ~{
'
C
m
C
m C
0
{0
R 0
(~ Y
~
C k%
GGG
m
~
~
~
y
C ,
,
"
~
~ m ~ = ` .
. C N ~ O ~~
'
~'
`
7 7 J U N w L ` ~ .y. ':~.
' m m ~ r o c ~ °
3 3 ~ ~ m c ~ .
: