HomeMy WebLinkAboutGramercy LOC ReleaseMayorTammy de Weerd
City Council Members:
Keith Bird
toe Borton
Charles Rountree
David Zaremba
October 30, 2008
Attn: Steve Nielson
Bank of the Cascades
121 N. 9th Street
Boise, ID 83702
Re: Release of Letter of Credit No. 519 (Gramercy) for Tuscany Development, Inc.
After a site inspection and review of the above referenced project by the Planning
Department and the Public Works Department, it has been determined to release the
Letter of Credit in the original amount of $889,570.66 (with a current balance of
$15,000.00) to you for the completion of internal sanitary sewer and water, street lights,
landscaping, pressurized and gravity irrigation and pump station. Please use this letter
as authorization for Bank of the Cascades to release the Letter of Credit No. 519.
If you have any questions, please contact me at (208) 888433. Thank you for your
cooperation.
Sincerely,
i
._ L` ..fir
Jaycee L. Holman
City Clerk
Enclosure
SURETY SPREADSHEET
Project Name: Gramercy
Date Compiled: 7!16/2007
Leper of Credit/Bontl No.: 519
Issued By: Bank of the Cascades
Expiration Date: i2J2W2003 6/20/]008 8/20/2806 10/20/2008
Check No
Party Responsible Date Signed Off/
Item Unfinished Partial Suretv For Sian-OH Person Comments
Sanitary Sewer-internal $33,578.55 $0.00 $33,578.55 Public Works 8/2/07 MOJ
Sanitary Sewer-offsite '~, i $0.00 $0.00 '
Water-internal
Water- Offsite
$48 935 58!,
'~
$0.00
$0.00 _-_-
$48,935.58 ~, Public Works
$0.00 Public Works
8/20/07 MOJ
Street Lights $99,645.001 $9,964.50 $109,609.50 Bmlding 6/6/08 HW
'. Landscaping $442,974.00 $44,297.40 $487,27140 PZ 9/30/08 JV retain 75000.00 per JV
(Pathways $0.00 $0.00' PZ
Fencing $0.00 $0.00 PZ
Tiling $0.00 $0.00' PZ '
Pressudzed Irrigation $157,066.40 $0.00 $157,086.40 NMID 5/16/08 NMID
Gravity Inigation ~ $9,459.23 $0.00 _ _ _ $9,459.23' NMID 5/16/08 NMID
Other:
_- _ Pi-pump station $43650.00
....
__ _
--
- ~
' $0.00 $43,650001
$0.00 $0.00
$o.oo $o.oo
- -- -
NMID
,
5/16/08 NMID -.
_- -__ _.. - --
i
1 $o.oo
$o.oo L - --
Authorized reduction 82514.13 AS OF 11/5/07 KG
Authorized reduction 491358.2 AS OF 11/27/07 KG
Authorized reduction 261087.33 AS OF 6/6/08 KG
Authorized reduction 39611 AS OF 8/19/08 KG
BALANCE TO REMAIN: $15,000.00
N FULL - KG
SURETY SPREADSHEET
Project Name: Gramercy
Date Compiled: 7/16/2007
Letter of CrediUBOnd No.: 519
Issued By: Bank of the Cascades
Expiration Date: 72l201200i 6l20F2008 880/9008 1012012008
Check No.:
Party Responsible Date Signed Off/
Item Unfnished Partial Surat For Si n-Off Person Comments
~~.Sanitary Sewer-internal !, $33,578.55; $0.00 $33,578.55 Public Works 812/07 MOJ
iSanitary Sewer-offsite $0.00 $0.00
Water-internal $48,935.58 $0.00 $48,935.58, Public Works 8/20/07 MOJ
Water-Offsite 50.00 $0.00 Public WOrks
Street Lights $98,645.00 $9,964.50 $109,809.50 Building 6/6108 HW
'i Landscaping $442,974.00 $44,297.40 $487,277.40 PZ i _~ retain 15000.00 per JV
Pathways ~' , i
._ 80.00 $0.00
_.- PZ
-__-
~_ --
~Fencing _
1 50.00 $0.00 PZ _
_~ _.
Tiling ~ _ --~
50.00 ~ - E0.00~. PZ _
Pressurized lydga0on $157,066.40 $0.00 E157,066.40i NMID 5/16/08 NMID
Gravity InigaOon
--__. 59,459.23
-- __ $0.00
_ ~ $9,459.23
__ NMID
_.. 5/16/08 NMID
-
-._
Olher
Pi -pump station 's $43,650.00 , $0.00 543.650.00 NMID ~',5/i6/08 NMID
_
_ ... $0.00 __ 50.00 ~~
I ~~- so.oo So.oo I
-- -
--
__ _
Eo.oo Eo.00,
TOTAL: $835,308.76 554,261.90 5888,570.66
Authorized reduction 82514.13 AS OF 11/5/07 KG
Authorized reduction 491358.2 AS OF 11/27/07 KG
Authorized reduction 261087.33 AS OF 6/6/08 KG
Authorized reduction 39611 AS OF 8/19/08 KG
BALANCE TO REMAIN: 515,000.00
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~~ANK OF THE
CASCADES
IRREVOCABLE LETTER OF CREDIT
Amendment to Letter of Credit No. 519
Date: June 20, 2007
Expiration date: October 20, 2008
At the counters of Bank of the Cascades
121 N. 9th Street, Boise, ID 83702
Beneficiary: City of Meridian
660 E. Watertower Ln., Suite 150
Meridian, Idaho 83642
To Whom It May Concern:
Bank of the Cascades hereby amends our Irrevocable Standby Letter of Credit No. 519 in favor of the City
of Meridian (Beneficiary) for the account of Tuscany Development, Inc. as follows:
1. Maturity date is hereby extended to October 20, 2008.
2. Amount is hereby changed:
From: $54,6]1.00
To: $15,000.00
Except as expressly changed by this Amendment, the terms and conditions of the original Letter of Credit
No. 519 remains unchanged and in full force and effect.
Bank ofthe Cascades
By: ,~~~~~~~~
Steve Nielson, Senior Vice rest e~
Au_ i~st 20. 2008
Date
SERVING COMMUNITIES IN OREGON AND IDAHO / www.botc.com NASDAQ: cACB
SURETY SPREADSHEET
Project Name:
Date Compiled:
Letter of CrediVBOnd No.:
Issued By:
Ecpiratlon Date:
Check No.:
Item
'Sanitary Sewer -internal
Sanitary Sewer-offsite
Water-internal
Water- Offsite
Street Lights
Landscaping
Gramercy
7/16/2007
519
Bank of the Cascades
32120/2002 6!20/2008
$33,578.55
$48,935.58
Party Responsible Date Signed Off/
Public Works 8/2/07 MOJ
$99,645.00
$442,974.00
$0.00
$0.00
$0.00
$0.00
$9,964.50
$44,297.40
8120/2008
$0.00
$48,935.58 Public Works 8/20107 MOJ
$0.00 Public Works
$109,809.50 Bmlding '~6/6/OS HW
$487,271.40 PZ retain 54611. per CH
$O.OOi PZ
PathwaYS _.. $0.00 _-~
,Fencing ~~ - ' $0.00 ~
9
Plressunzed Irri anon $157,066.40 $0.00
9 -- $0.00
Gravity Imgation ,459.23 $0.00
Other: ~ ~
Pi -pump station; $43,650 00 $0.00
_. __. $0.00- _
$o.oo
_. __ i _.. _ ,.. -.._
$0.00
Authorized reduction
Authorized reduction
Authorized reductir
$0.00 PZ
$0 00 PZ
$157,086.40 NMID 5/16/08 NMID
$9,459.23 NMID 5/16/08 NMID
$43,850.001 NMID - i5/1&08 NMID
$o.oo
_._
$0.00
$0.001
82514.13 AS OF 11/5/07 KG
491358.2 AS OF 11/27/07 KG
261087.33 AS OF 6/6/OB KG
BALANCE TO REMAIN: $54,677.00
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~ANK OF THE
CASCADES
~~~~
A ~~,,~,'9I~r~
ub~c
IRREVOCABLE LETTER OF CREDIT
Amendment to Letter of Credit No. 519
Date: June 20, 2007
Expiration date: August 20, 2008
At the counters of Bank of the Cascades
121 N. 9th Street, Boise, ID 83702
Beneficiary: City of Meridian
660 E. Watertower Ln., Suite 150
Meridian, Idaho 83642
To Whom It May Concern:
fox&^~
JVV"
Bank of the Cascades hereby amends our Irrevocable S[andby Letter of Credit No. 519 in favor of the City
of Meridian (Beneficiary) for the account of Tuscany Development, Inc. as follows:
I. Maturity date is hereby extended to August 20, 2008.
2. Amount is hereby changed:
From: $315,698.33
To: $54,611.00
Except as expressly changed by this Amendment, the terms and conditions of the original Letter of Credit
No. 519 remains unchanged and in full force and effect.
Bank of the Cascades
By:
Steve ie son, Senior Vice Pr ent
June 13. 2008
Date
SERVING COMMUNITIES IN OREGON AND IDAHO / WWW.bOLC.COm NASDAQ: CACB