HomeMy WebLinkAboutSouthwick Subdivision Letter of CreditE IDIAN~~--
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October 3, 2008
Washington Trust Financial Center
Commercial Services Group
P.O. Box 2127
Spokane, WA 99210-2127
MayorTammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
Re: Release of Standby Letter of Credit No. 24332 (Southwick Subdivision) for
Gemstar Properties, L.L.C.
After a site inspection and review of Southwick Subdivision by the Planning Department
and the Public Works Department, it has been determined to release the Letter of Credit
in the amount of $346,304.15 to you for the completion of internal sanitary sewer and
water, street lights, landscaping, fencing, pressurized irrigation, and gravity irrigation.
Please use this letter as authorization for Washington Trust Bank to release the
Standby Letter of Credit No. 24332.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
~-
Jaycee L. Holman
City Clerk
Enclosure
ashin~tonTrust Bank ~
IRREVOCABLE STANDBY
LETTER OF CREDIT NO. 24332
AMOUNT: $346,304.15
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. 24332 in your favor for the account of
GEMSTAR PROPERTIES, L.L.C. , 728 S. Bridgeway PI. Ste 100, Eagle, ID 83616, up to the aggregate
amount of THREE HUNDRED FORTY S[X THOUSAND THREE HUNDRED FOUR DOLLARS AND
15/100-------DOLLARS ($346,304.15) 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 Southwick 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 Credi[ represents the amount of money required to complete
the subdivision improvements at Southwick 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. 24332.
Any and all banking chazges, other than those of the issuing bank, are for the account of the beneficiary.
We hereby engage with the drawers acrd bona fide holders of drafts drawn i;nder and in compliance v:ith 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 ly,
Tracy burg
Assistant Vice President
Commercial Services Group
Washington Trust Financial Center P. O. Box 2127, Spokane, Washington 992]0-2127 (509) 353-4177 Fax (509) 353-3905
SURETY SPREADSHEET
Project Name: SOUTHWICK
Date Compiled: 6/6/2008
Letter of Credif/BOnd No.: 24332
Issued By: Washington Trust
Expiration Date: 3/4/2009
Check No.:
Party Responsible Date Signed OH/
Item Unfnished Partial Suret For Si n-OH Person Comments
'Sanitary Sewer -intemal $55,838.30 $5,563.83 $61,202.13 . Public Works 8/12/08 RF
Sanitary Sewer-offsite $0.00 $0.00
',,Water-intemal !
-, _ _ _ $86,500.90 ' $6,650.09 ;
__. $73,150.99
_._ Public Works /
__ _. 8112/08 RF
L _._ ~.
- _.
Water- Offsite ~
$0.00 $0.00 Public Works '
Street Lights $8,485.00 $848.50 $9,333.50 Building 9/18/08 JW
Lantlscaping $75,512.28 '' $7,551.23 $83,063.51 PZ 7/8/08 JV
Pathways $0.00 $0.00 PZ
Fencing $7,049.79 $704.98 $7,754.771 PZ 7/8/08 JV
Tiling - $0.00 $0 00 PZ
Pressurized Irrigation $52,958.88 $5.295.89 $58,254.77 NMID 9/17/08 NMID
Gravity Imgabon
- -_- iii ~ $48,676.80
__- $4,867.68 $53,544.48 NMID 9/17/08 NMID
Other. ~, - _ _ _ } _.
$0.00 $0.00. PW ~~~-
$000 $0.00
_.___. _.
$0.00 $0.00 - -
$0.00 $0.00 i
TOTAL: $314,821.95 $31,482.20 $346,304.15
Aut horized reduction
BALANCE TO REMAIN: $346,304.15
9/29108 READY TO RELEASE IN FULL - KG
Memo
To: Jaycee Holman
From: Karie Glenn
CC: File, Karie, P & Z Staff
Date: 6/6/08
Re: SOUTHWICK
Clint Dolsby has signed the plat for the above project and I am fowarding 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. 24332 (Washington Trust Bank -dated
3/4/08) for $346,304.15. This represents surety for items, and in amounts, listed on the
attached spreadsheet.
Please call AJ w/ Bailey Engineering when the plat is ready to be picked up. Please call me if
you have any questions.
Thank you.
"`Final Plat was approved by City Council on: February 6, 2007
From the desk oL..
Karie A Glenn
Dept Specialist Supervisor
Meridian Public Works Depa4nen[
660 S. Watertuwer Lease, Suirz 200
Meridian, Idaho 83642
• Page 1
(208)898-5500
Faz: (208) 898-9551
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